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Don't Forget to Factor in These Expenses When Considering First-Time Home Ownership

Go into the deal with eyes wide open and be aware of all the extra expenses.

POSTEDBYGUEST WRITER

Have you made the massive life decision that the time is right to go ahead and purchase your first house? Perhaps you’ve been working on saving for a down payment for years, maybe you are newly married, or maybe you’re just tired of the rental market and want to own something of your own. There are so many different reasons why people choose to purchase that all-important first home, and there is no question it is a very exciting time in life.

While your excitement level may be high, so can your stress. Sure, it’s great to own your own home, but it can also be quite expensive on a month-to-month basis. This is why it’s so important to go into the deal with eyes wide open and be aware of all the extra expenses that come along with homeownership. Here’s a look at some of the biggest things you’ll want to be sure you factor in to your budget.

Be Aware of Stamp Duty Land Tax

Here's an expense that doesn't affect every home buyer, but is still something you'll want to be aware of. It can cost tens of thousands of pounds and is based on the purchase price of the home, as well as whether or not you're a first-time buyer. It's a good idea to research this expense before you move forward.

What About the Solicitor Costs?

In order to purchase a home, there is a good chance you will use a solicitor to put together the deal and ensure everything is on the up and up. Their costs range in price, but again it's something to be aware of.

Home Insurance – Making Sure Everything is Protected

Home insurance is often one of the things that first-time buyers don't even think about when they put together their budget but is incredibly important to have. Having home insurance can literally end up saving you hundreds, even thousands of pounds should there be flood damage, fire damage, theft, and other issues. It’s not only important to have it, but it’s important to have the right kind of coverage.

With that said, you can look for quotes that are more affordable by doing a home insurance comparison. You can check what’s covered in the policy on this home insurance guide, which can give you the information you need to ensure you are selecting the right type of insurance.

Home Maintenance Costs Will be Ongoing

Then there is the upkeep and maintenance of the home. Even if the house is move-in ready and in great shape, eventually things will need minor fixes, maybe some small renovations, and so forth. So, having some sort of home maintenance fund that you can draw upon when needed may be wise.

It’s a Sizeable Investment

When purchasing your first home, it’s easy to focus on the sale price, but don’t forget all the other expenses that come along with homeownership.

 

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