5 Costs To Budget For When Buying A Home | Vipon

Cooking a meal for one person can cost around £15-£20 per week, while the average monthly rent in the UK is around £800. These two figures give you an idea of the estimated costs involved in buying and maintaining a home.

• Buying a home typically requires saving 10% to 20% of the purchase price for deposit, mortgage fees, and other expenses.
• Tax liabilities, such as council tax and income tax, can add up quickly, with average annual bills ranging from £1,000 to £3,000.
• Home maintenance costs, including repairs and replacements of major items like appliances and plumbing fixtures, can range from 1% to 5% of the property's value annually.
• The cost of utilities, such as electricity, gas, and water, can vary depending on usage patterns but typically account for around £150-£300 per month.
• Other costs to consider include estate agent fees, solicitor fees, and mortgage broker commissions, each adding up quickly in some cases.

"While these costs may seem daunting, they can be managed with careful budgeting and planning. Our expert advice provides you with a comprehensive guide to help you navigate the process of buying a home without breaking the bank."

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