The costs of moving home
Once you’ve found your ideal first home, you can get serious about buying. There are quite a few costs associated with buying your first home.
Aside from the mortgage deposit, you need to factor in a wide variety of costs including stamp duty, solicitors fees, and removal services.
Take a look at our guide to the Costs of Moving Home for more details.
It’s worth knowing that we sometimes offer special deals to First Time Buyers where we pay your stamp duty or solicitors fees to make life a bit easier for you.
Ask the Sales Executive at the development of your choice for more details.
The costs of living in your home
Make sure you remember to consider the ongoing cost of living in your new home. Energy bills, council tax and insurance costs all add up to a sizable chunk of your monthly outgoings.
Whilst the mortgage company would have assessed whether you can afford to live in your new home already, it’s a good idea to take control of your outgoings.
Set up a monthly budget, taking into account your salary plus any additional income such as commission or bonuses.
Then factor in all of your outgoings including:
The essentials
- Mortgage
- Insurance (Buildings, contents, life)
- Travel expenses & car maintenance
- Gas, electric and water bills
- Council tax
- Phone bills
- Food bills
The non-essentials
- Socialising
- Luxury items including clothes & technology
- Holidays
Of course, you can search for the best deals on energy and food bills, but in general “essential” items are a relatively fixed outgoing.
You could make savings by cutting back your spending on non-essential outgoings, so it’s a good idea to be prepared for this before you buy your first home.
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