please help with buying a house costs estimate

thewinkshow

hi all,could anyone please advise any rough figures regarding the following house costs from your own houses and experiences,also any tips and tricks are much appriciated.im single male age 22.currently living with parents.i earn £14000 PA i have no debts or bills to speak of.im looking at buying my own house for around 100k im using a 50k deposit off parents and im getting a mortgage for 50k ive seen that this will cost me roughly £250 per month i can easily afford this,but i have no expereice with bills so im looking for average costs of everything else.im going to be in council band A which says it costs £85 per month with me living alone ill get a 25% discount so ill pay roughly 60 to 65 per month.im told that a water meter would be better for me as im single and it will cost roughly £20 per month.ive estimated that gas and electric are £30 each a month.my internet and phone package is £17.99.the one thing i have no estimate for is building and contents insurance hoe much is a rough quote on a 2 bed semi worth 100k.the figures seem quite feesable to me what you think?its my only option of getting on the ladder and do you feel now is a good time?is there never a bad time,as ive heard people mention a market crash,interest rates going up and house prices coming down,is all this likely?also how much should a budget per week for food?

anything ive missed any warning and advice is very welcome and im a newbie to all this and im hoping to use all your experiewces to help me make the right choices.

thanks in advance

mchu6am4

I'd say building and contents insurance for about £200 combined (maybe a bit more, at most about £25).

I'm in the market for same thing but the house i'm buying is valued at £157k although, I'm only insuring for £140k (as the valuation suggested)

Ash

back2square1

I have just purchased a property as a first time buyer and it was down to MSE that I was able to do so for the right money and being aware of all the facts before I took the plunge. Firstly read the big threads in mortgage forum and house selling forum. They give you some brilliant advice.

Firstly do the extensive budget planner on this website that will help you work out exactlywhat you can definitely afford. I did it worst case scenario minimum income and maximum outgoings to cover for every eventuality.

As you are a first time buyer you are in a very strong position and sellers will want you therefore you have got your first negotiating tactic when placing offers on a property you like.

When you do find a property you would like to place an offeron , go on https://www.nethouseprices.com and find out exactly what properties in the same area sold for. If there is a property sold similar to the one you like then you can tell the E Agent that you are aware of what kind of prices these properties are selling at. Just bear in mind that house prices differ due to condition, double glazing, conservatory, etc hence why you need to check sold properties against house you wish to buy.

Ensure you contact Estate Agents regularly and remind them of the strong position you are in and want to be informed of any new instructions they get or any properties that have sold and have consequently been put on market ie.previous buyer dropped out.

real1314

Where are you getting a £50k mortgage for £250pcm from? nearer £350 I'd have thought?
Also, you need to budget for furniture, white goods, tv etc etc
You might sort them all out from cash to start with but a washer/tv/fridge/cooker/sofa/bed - you could reckon that one of these will need replacing each year after the first 4 yrs. Carpets and decor too will need work frm time to time. You might also face repairs/replacements needed - roof/boiler/heating/windows etc.

As for a crash/interest rate increases/etc, no-one knows.
A crash/price drop might happen, and if it does it will hit some areas worse than others.
Do the research on the area you're looking at, how much have prices gone up over the last 3-5 yrs, what's the local unemployment situation, you're in a better position to judge how your house will fare in rates rise or not.