If you’re a first time buyer on the hunt for a mortgage, then you’re probably well aware of the costs associated with properties. Unlike renting, buying a property involves a few initial costly payments such as; your deposit (approx. 5% or more of the property’s market value); surveying fees (which can range between £150 – £1,500); and your solicitor’s legal fees. But have you considered your ongoing home costs?
Moving In Costs
Once you move into a home, the costs don’t stop there. In addition to your monthly mortgage payments, you will also need to consider paying for:
When you rent a property you have the option of moving into a furnished building, whereas if you buy a property, the chances are you’re going to have to furnish it yourself. This can be rather expensive once your buy essential utilities such as a washing machine and / or fridge freezer.
Electric bills, Heating bills, TV License and groceries will all contribute to you living costs. So whether you opt for that extra sports channel package or not, your wages will need to allow for these ongoing expenses.
Home Insurance is usually a legal requirement from your mortgage lender. This cost is a crucial investment to ensure your property is covered in the case of all eventualities. Get in touch with Abbey Insurance to find suitable buildings and contents cover.
Although a daunting thing to think about, Life Insurance is a sensible option that will ensure your mortgage is covered in the event of your death. It is also worthwhile remembering it is not compulsory to buy your life insurance from your mortgage broker.
Your house is one of your biggest investments, yet the reality is that the majority of homes in Northern Ireland are underinsured. Get in touch with Abbey Insurance today to learn how we can securely insure your home and give you peace of mind.