Home-buying and owning costs

Welcome to Home Relief Bulletin Board

Monday 13 August 2018

by the Property  Team

Post No. 49

 

 

COSTS OF BUYING AND OWNING A HOME

This week’s area of focus of Home Relief Summer home-buying campaign for low income earners is on the costs of both buying and owning a home.

Just like renting, buying and owning a home involve costs and expenses.  Whether you are high or middle or low income earners, you still have to deal with them.  The sooner you are aware of them, the better you could plan ahead your home-buying journey. 

These costs can vary depending on many factors and players who may involve in the purchase of your property.  These factors and players can include the government legislation, property seller’s agents, conveyancing firms, local authorities, mortgage brokers, home lenders, your own personal circumstances, the price of the property to buy and so on.

Key Costs of buying and owning a home

The key items in the costs of buying and owning a home that we are considering as part of this week’s campaign include the following.

A/ For the costs of buying a home, the following key items would be considered:

Stamp duty, survey, conveyancing, mortgage arrangement, valuation, estate agents, removals and life insurance

B/ For the costs of owning a home, the following key items would be taken into account:

Utilities (water, gas and electricity), council tax, buildings and contents insurance, ground rent, service charge, residents’ parking, maintenance and building work, television, broadband, cable and telephone

Key outcomes for this week’s campaign

The main aim of this week’s campaign is to protect prospective home buyers and owners in making informed decision and saving money.  This can be done by factoring in these costs in the home-buying and owing budgets and plans. 

At the end of this week’s process of costing home-buying and –owning items, we hope that prospective home buyers and owners would be able to achieve the following outcomes:

√ Better financial planning of the costs of buying and owning a home

√ Development of a budget to buy and own a home

√ Acquiring tools for monitoring and evaluating the home-buying and owning processes

√ Gaining techniques to manage risks associated with home-buying and owning processes (in particular with outgoing payments linked to both processes)

√ Getting further online and print resources and support on home-buying and owning a home

Need to know more about costs of buying and owning a home, or help to buy and own a home as a low income earner, why not work with Home Relief for information, guidance and advice?

Home seekers and prospective home buyers and owners can consult Home Relief to discuss their individual cases, applications and the suitable options for them.

For more information about our property service to home seekers and tenants (including our full package on Help to Rent), please go to https://homerelief.co/tenants/

For properties to rent, go to https://homerelief.co/property-search/

For weekly property news and updates, please read our weekly posts.

Thank you for reading this post.

We look forward to receiving your regular visits to Home Relief website and to doing business with you.

Many thanks!

Home Relief – a freelance e-property agent that relieves your needs

 

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