When buying a house (particularly those looking to buy a house for the first time) it is worth factoring in all the actual and potential costs before embarking on probably the greatest financial outlay a buyer will make in his or her lifetime...
This could not have been put better than by the Money Advice Centre in a recent article with the same title.
It is suggested that as a result of all those concomitant costs it is no surprise that 80% of all transactions for first time buyers will involve them seeking assistance from their parents and or grandparents to finance their purchase.
It will come as no surprise that first time buyers are still finding it hard to get on to the property market as salaries are not keeping pace with property prices and inflation...indeed it is suggested that most of us seeking to purchase in the future may be forced to look to rent rather than own a new home as is the case in Europe.
The cost of buying a house and moving Wondering how much it costs to buy a house, or a flat? Well, when you buy a property and move home, there are some upfront fees to think about, as well as your mortgage costs. These include solicitor’s fees for the purchase, insurance for the property and (sometimes) ground rent. Make sure you include all of these when you work out your overall budget. •Major upfront costs •Mortgage costs •Ongoing costs •Leaseholders’ costs •Freehold or leasehold