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Home and community

Buying a home - things to consider

Buying a home is probably the biggest financial decision you will ever make so it is worth taking time to consider whether it is the right choice for you. You will become responsible for all the costs of maintaining the property, including major structural repairs, routine repairs and improvements.

What costs are involved?

You also need to take the following costs into consideration:

  • mortgage repayments
  • mortgage protection insurance for if you fall ill or lose your job
  • life assurance to enable your family to pay off the mortgage if you die
  • contents insurance against the risk of theft, fire, flood or other accidents
  • council tax and water charges
  • gas, electricity, telephone, etc
  • ground rent and service charges may apply

As part of the process of buying a house or flat you may also need to pay for:

  • a solicitor or licensed conveyancer
  • an independent survey
  • the mortgage to be arranged
  • the Land Registry fee
  • Stamp Duty

As a tenant, you may be able to claim housing benefit to help with the rent. As an owner-occupier, you will not receive any housing benefit to help with your mortgage costs. You may be entitled to income support to assist with housing costs, but this is not usually payable for nine months after you first claim it.

If you are elderly and own your home, its value may be taken into account in assessing whether you are eligible for financial help with the costs of residential care.

Buying your council home

If you are approached by a person or company offering to help you buy your council home, check out what's in it for them and talk to your landlord before signing up to any deal.

Some companies offer tenants money up front in a deal under which the company ends up owning the property after three years. This is good for the company, which can charge a higher rent than the local authority could when it let the property. But it is not always good for tenants, because the money they get may not be enough to buy another home. Some tenants have found themselves homeless after agreeing to such deals.

If you want to go ahead and buy your own home, get advice about anything you are unsure of. If you are a council tenant you can contact the Home Ownership Unit at your local council.

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