Ensuring you can afford your own home

When buying a property, one of the main concerns revolves around saving for a deposit and being able to afford the mortgage repayments. However, there is professional help available for you to seek advice about affordability and which mortgage deal you should take, like a CeMAP qualified mortgage adviser.

But how many people have asked you if you are totally sure what the running costs of your new home will be?

In addition to the monthly mortgage or rent payment, there’s the council tax bill, water bill and energy bill, to name just a few. Although you can generally find cheaper deals on these bills, they can still add up to a fairly hefty chunk of your pay packet.

If you decide to buy a home which requires lots of work, make sure that you have the money available to undertake home improvements. It is often the case that the work costs far more than anticipated, meaning you could end up living in a messy home while opting to pay the more important bills.

Take the cost of council tax into consideration before buying your home, as this can be quite an expensive household bill, and is one that must be paid. Check whether you have service charges to pay, as these can also be quite expensive. If you do have to pay them, the bill could run into thousands of pounds in some regions of the country. You may also want to factor in the cost of replacing or repairing household appliances, as this can be a quite large expense.



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