{"id":7174,"date":"2016-05-09T10:15:38","date_gmt":"2016-05-09T10:15:38","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=7174"},"modified":"2018-02-16T09:09:57","modified_gmt":"2018-02-16T09:09:57","slug":"are-first-time-buyers-failing-to-count-the-cost-of-home-ownership","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/are-first-time-buyers-failing-to-count-the-cost-of-home-ownership\/","title":{"rendered":"Are First Time Buyers Failing To Count The Cost Of Home Ownership?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><strong>Buying your first <a class=\"wl-entity-page-link\" title=\"homes\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >home<\/a> is an exciting and nerve-racking stage in most people&#8217;s lives but do <\/strong><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/new-interactive-help-to-buy-map-gives-ftbs-a-helping-hand\/4070\/\"><strong>first time buyers<\/strong><\/a><strong> really appreciate the cost of <a class=\"wl-entity-page-link\" title=\"Owner-occupier\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/owner-occupier\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/owner-occupier;http:\/\/rdf.freebase.com\/ns\/m.020s_n;http:\/\/dbpedia.org\/resource\/Owner-occupier\" >home ownership<\/a>?<\/strong><\/p>\n<p>According to a survey by Pegasus Personal Finance the answer to that question would be &#8216;no&#8217; because 41% of new <a class=\"wl-entity-page-link\" title=\"Home insurance\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home-insurance\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home_insurance;http:\/\/rdf.freebase.com\/ns\/m.0313mp;http:\/\/yago-knowledge.org\/resource\/Home_insurance;http:\/\/dbpedia.org\/resource\/Home_insurance\" >homeowners<\/a> did not account for unexpected fees.<\/p>\n<p>Among the shocks for 25% of first-time buyers were searching fees, CHAPS bank transfer fees and mortgage set-up fees.<\/p>\n<p>In addition, 24% of those buying a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> said they were unaware of <a class=\"wl-entity-page-link\" title=\"Land registration\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/land-registration\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/land_registration;http:\/\/rdf.freebase.com\/ns\/m.08xnz_;http:\/\/yago-knowledge.org\/resource\/Land_registration;http:\/\/dbpedia.org\/resource\/Land_registration\" >Land Registry<\/a> fees while others were unaware of solicitors\u2019 and stamp duty fees.<\/p>\n<p>The Money Advice Service says that first-time buyers should expect to pay around \u00a31,900 in unforeseen bills.<\/p>\n<h2>Process of buying a house more expensive for first-time buyers<\/h2>\n<p>However, it&#8217;s not just the process of buying a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> that\u2019s more expensive for first-time buyers; many also said the higher bills after buying a property came as a surprise to them.<\/p>\n<p>Indeed, 20% said they did not account for having larger utility bills by moving into a larger home.<\/p>\n<p>In addition, many first-time buyers also said they were surprised that their car insurance premium increased as well.<\/p>\n<p>The survey also revealed that many of those buying a property for the first time lacked detailed knowledge of interest <a class=\"wl-entity-page-link\" title=\"Rates (tax)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/rates-tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/rates_tax;http:\/\/rdf.freebase.com\/ns\/m.03hnzm;http:\/\/yago-knowledge.org\/resource\/Rates_(tax);http:\/\/dbpedia.org\/resource\/Rates_(tax)\" >rates<\/a> and how they impact on the cost of a <a class=\"wl-entity-page-link\" title=\"Mortgage loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >mortgage<\/a>.<\/p>\n<p>Of those <a class=\"wl-entity-page-link\" title=\"surveyor\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/surveying\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/surveying;http:\/\/rdf.freebase.com\/ns\/m.0gjm7;http:\/\/dbpedia.org\/resource\/Surveying\" >surveyed<\/a>, 13% said they thought they were on a variable rate mortgage and had not prepared for interest rates rising which they are set to do after a seven-year low rate of 0.5%.<\/p>\n<h2>Surprising lack of understanding on the costs of property buying<\/h2>\n<p>Pegasus&#8217; director Jonathan Le Roux said: \u201cThe study offers an insight and a surprising lack of understanding on the costs of property buying.<\/p>\n<p>\u201cBuyers are working out their budget for a home move but forgetting that there are significant costs involved with solicitor and stamp duty fees, and similar, which can put a last-minute spanner in the works.\u201d<\/p>\n<p>He added: \u201cOur advice is for first-time buyers to research thoroughly and carefully list the associated costs so they have their eyes wide open when they go into home ownership. This may be tedious but it&#8217;s essential for everything to go smoothly.\u201d<\/p>\n<p>The firm\u2019s survey also reveals that first-time buyers not only underestimate their bills for moving into a property, they also fail to account for unexpected repairs and renovations, such as tackling damp or installing a new boiler.<\/p>\n<p><strong><em>Nearly one in four respondents also underestimated how much it would cost <\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying your first home is an exciting and nerve-racking stage in most people&#8217;s lives but do first time buyers really appreciate the cost of home ownership? According to a survey by Pegasus Personal Finance the answer to that question would<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/are-first-time-buyers-failing-to-count-the-cost-of-home-ownership\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":7176,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[17],"tags":[38,48,67,31,39,53,107,84,373,238,83,260,295,125,92,82,204,298,103,271],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/05\/102317955-137306532.530x298.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/are_first_time_buyers_failing_to_count_the_cost_of_home_ownership_","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7174"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=7174"}],"version-history":[{"count":4,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7174\/revisions"}],"predecessor-version":[{"id":14682,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/7174\/revisions\/14682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/7176"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=7174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=7174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=7174"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=7174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}