The costs of buying

Required Reading


The costs of buying

It comes as a nasty shock, as you laboriously save towards your first deposit, to realise that an uncomfortably large chunk of your savings is going to have to disappear down the black hole known as 'moving costs'.

Some building firms have special schemes for first-time buyers where they guarantee to pay at least some of these, in particular the legal costs. You may suspect they can afford to do this only because they've pushed the price up by that little bit in the first place.

This may not in fact be the case. As in any other business, builders are dependent on cash flow and it could be worth their while cutting into their profit margins to get the cash rolling in. Anyway, if these costs are built into the price, remember that you may be getting a loan over 25 years with tax relief, which is just about the most painless way possible of paying for them.

There are a few other lucky people who don't have to worry about moving costs -those whose employers are willing to pay, since they have to move to another part of the country because of their job.

If you are one of these, it may still be worth your while reading this section. An employer might offer you a 'round figure' towards the costs -which could seem quite generous until you actually tot up what it's going to cost you, in which case it could turn out to be practically peanuts.

If you are a first-time buyer, there is one thing to be thankful for. The services of estate agents are free to you. However many mailing lists you get yourself on to, however much they put themselves out for you, it costs nothing. Which is fair enough -indirectly, you are providing their income by buying a house or flat from their lists. By the same token, however, you should remember that estate agents are actually the seller's agents, not yours -and they will not, therefore, necessarily be looking after your best interests in any dealings you have with them.

Read:self cert mortgages

Making the right home choice

When you come to choose yourself, it is always worth thinking one step ahead: not only, do you like it, but who else would? You may, for example, see a magnificently large four-bedroomed flat which you can just afford. But who could you sell it to when you move? Families are out, because on the whole they will be looking for somewhere with a garden. Most single people will be out, because they are unlikely to be able to afford the purchase price. So are you in fact restricting your future market for buyers to 'successful men-about-town' such as yourself? And is this wise?

What is relevant here is not only the price that you will get for the property the speed with which you . . .... see: Making the right home choice

Current Mortgage Offers

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