Things to Consider Before Buying Your Home
The booklet ‘Want to Make Your Home Your Own?’ provides guidance on the things you should think about before deciding to buy your home.
The most important consideration is likely to be the costs. Both those which you will need to pay as part of buying your home and those which may occur once you own it.
We have provided some examples of extra costs which may apply below.
Up-front costs:
- The sale price (if you will not be obtaining a mortgage)
- A deposit (if you need a mortgage) – usually 10-25 percent depending on various factors
- Legal fees for conveyancing, including Land Registry
- Stamp Duty (properties valued over £250,000)
- Structural survey (not required but recommended)
- Mortgage setup and valuation fees (if you need a mortgage)
Ongoing costs:
- Mortgage repayment (if you need a mortgage)
- Life assurance/mortgage payment protection to cover mortgage repayment
- Buildings insurance
- Internal maintenance of the property
- External maintenance of the property
- Annual service charges (Flats and maisonettes)
You will not be able to claim housing benefit to help with any mortgage costs. You will need to pay for any urgent repairs to your property yourself.
