Can your relationship status prevent you from buying a home?
Particularly in areas such as London, affording a property on one salary alone can feel near-impossible.
But, that’s not the full story! Let’s take a step back and look at the bigger picture. Do you need to be in a relationship to buy a house?
The cost of buying a house
There’s no one answer for how much it costs to buy a property, as this depends on a variety of factors. Location, for one.
House prices differ widely across the UK – tending to be cheaper in the North.
However, there are some costs always associated with buying a home. Let’s break them down:
Mortgage fees
Most hopeful homeowners are aware of the monthly repayment costs. How much you’ll be paying depends entirely on your individual situation.
Remember also:
- Mortgage valuation fees
- Mortgage arrangement fees
- Booking fees
Getting mortgage quotes for free can be a helping hand when looking to get on the property ladder! Ensure you only speak to reputable, professional advisers.
Deposit
You’ll need to put down a deposit, usually between 5-20% of the cost of the property.
Generally, the more you manage to save here, the more attractive your mortgage plan will be. However, saving for a house deposit can be tough – particularly if paying rent at the same time.
Survey
Before you buy a home, it’s essential you get a survey. This will flag up any issues with the property, such as structural damage, that you’d want to know about sooner rather than later.
While it’s a necessity – it costs money!
Finding the right surveyor will make all the difference. Get a survey quote below – for free.
Stamp duty
First-time buyers don’t pay stamp duty on a property under £300,000. Anything over that they do have to pay the tax.
There are different bandings, meaning the amount you’ll pay varies between 5-12% of the cost of the home.
Legal fees
Hiring a good solicitor can make all the difference, as you’ll have a professional to help you make sense of the paperwork and sort out finances.
But, hiring legal assistance has a price. To make sure you’re getting the best deal for you, get free solicitor quotes from a reputable company.
Removal costs
While there are ways to save money when moving home, costs can rack up. You might be tempted to skip the professionals – but it’s likely you won’t be covered by your insurance if you do.
You’re looking at roughly £250-£750 for the cost of removals. To be sure how much you’ll be paying, it always helps to get removals quotes!
Extra costs
Of course, there are some ongoing costs associated with buying a home. These include:
- Maintenance
- Council tax
- Building and contents insurance
- Utility bills
Are you priced out of the housing market?
With all the costs involved with buying a house, it’s unsurprising that’s it’s significantly easier for couples to buy a home. Two salaries are better than one, after all! When it comes to mortgages, the amount that can be borrowed by a couple is more than someone on their own.
So, single first-time buyers seem to have it harder than anyone when trying to buy.
Benefits of buying a house alone
It’s not all bad news. While it may be tougher, this doesn’t mean it’s impossible.
Plus, there are some benefits to buying a property outright, such as:
- You don’t have to make compromises on your dream home
- If buying a smaller home, the cost of running it will be less
- You don’t have to worry about the other party relying on you financially (should they become redundant, for example)
- You can choose a location that fits your needs alone
- Every decision made will be your choice
How to get on the property ladder without a partner
That being said, while there are some clear benefits, how do you actually go about buying a home when you’re not in a relationship?
Save as much as you can
Budgeting sounds obvious, but is key when saving up for a house. The more you save, the better. The larger your deposit, the more manageable your mortgage repayments will be.
Consider help from family
Is it a possibility to move in with family? Paying sky-high rent prices is one of the reasons why some hopeful homeowners have struggled in recent years.
Leverage government support
Government schemes can help you buy a home.
From the Help to Buy Equity Scheme to the Shared Ownership scheme, there are many out there. You just need to choose which one works best for your individual needs.
Utilise all tools available to you
There are many tools out there that can help you buy a home, whether you’re in a relationship or not. Use them!
Phil Spencer’s property report is just one of these. Simply enter the postcode of an area you’re looking to move to and it will gather all the information you need to know for you. From crime rates to local schools, everything will be in one place. Get yours below.
Last Updated: July 19th, 2021
