Can You Afford To Buy Right Now?

Can you afford to buy a house right now?

Things to consider

In terms of UK house prices this is one of the best times in history to buy property.

But how about for your personal circumstances?

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.

There are a lot of costs to consider initial costs as well as ongoing costs.

Here I’d like to breakdown all the costs involved in buying a property for you so that you know whether it is something you can afford right now an dthe options available for you if you need help.

Upfront costs needed

  1. Your Deposit
  2. Surveyor fees
  3. Stamp Duty
  4. Land registry fee
  5. Solicitor fees
  6. Mortgage arrangement and broker fees
  7. Furniture, decorating and moving costs

Ongoing costs to consider

  • 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

These costs may vary dramatically depending on a number of factors. It is wise to consider your own circumstances and seek financial advise.