Budgeting for a House

Buying a house is a BIG commitment and one I have been dreaming of forever 🙂

However there is a serious part to buying house and that is being able to afford it!

It may sound like simple common sense, but with the state of the economy and how it got there in the first place it played a very important part in my decision to take this step now.

Getting a mortgage is not any easy thing, but I have the deposit, which makes it easier and with being first time buyer everyone seems to want to help. The one thing I didn’t want to do is sign up to a part-buy scheme, where the government and house builder pays a big proportion of the deposit and therefore technically owns more of the house than you do! So I did my research with the help of my dad and worked out what I could afford and what type of mortgage I could get.

Another important part – or the most important part of budgeting – is the monthly out-goings!

Luckily as I have lived on my own and with a friends before I know the things I’ll need to be paying for apart form the mortgage repayments:

  • Council Tax
  • Electricity/Gas/Water
  • Internet
  • TV license
  • Insurance

Then all the the things I already pay for like swimming, mobile phone, gym and things. Some of which I am looking to stop or find alternatives for before I move.

It is a big commitment and one I will have to manage on my own. It’s scary but exciting. In the end I will have to prioritise what I can afford to do and be more careful with my disposable income than I currently am. It will take work, but I am up for the challenge.

I’m excited to plan to have a place to call my own and actually be able to make it mine and have it the way I want – the thing I always hated about renting was not being able to decorate properly!

Then I have to think about things I’ll need to budget for when I actually move in. There are things I’ll need that I have never had to buy before:

  • Washing Machine
  • Tumble Dryer
  • Fridge/Freezer
  • Sofa

The there are of course the things I’ll want to buy, but do not need to buy. So I’ll be savings and budgeting for things to make it my own and showcase my personality like art and accessories 🙂

Also I’ll need to make sure I have a budget for if things go wrong with the car or TV or once the warranties run out on the white goods.

Therefore the next year is going to be all about the house and setting it up. An adventure I have never undertaken before!

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