There's always a first time for everything, and getting right choice to Buy a home is not exceptional. The question in today's ReiVRE: Money Talk-Real Estate is – "What costs are involved?"
Buying a home is probably the biggest financial decision you will ever make so it is worth taking time to consider whether it is the right choice for you. You will become responsible for all the costs of maintaining the property, including major structural repairs, routine repairs and improvements.
What costs are involved?
You also need to take the following costs into consideration:
- mortgage repayments
- mortgage protection insurance for if you fall ill or lose your job
- life assurance to enable your family to pay off the mortgage if you die
- contents insurance against the risk of theft, fire, flood or other accidents
- council tax and water charges
- gas, electricity, telephone, etc
- ground rent and service charges may apply
As part of the process of buying a house or flat you may also need to pay for:
- a solicitor or licensed conveyancer
- an independent survey
- the mortgage to be arranged
- the Land Registry fee
- Stamp Duty
As a tenant, you may be able to claim housing benefit to help with the rent. As an owner-occupier, you will not receive any housing benefit to help with your mortgage costs. You may be entitled to income support to assist with housing costs, but this is not usually payable for nine months after you first claim it.
If you are elderly and own your home, its value may be taken into account in assessing whether you are eligible for financial help with the costs of residential care.
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