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Buying a home - things to consider

Buying a home is probably the biggest financial decision you will ever make so it is worth taking time to consider whether it is the right choice for you.

What costs are involved?

You will become responsible for all the costs of maintaining the property, including major structural repairs, routine repairs and improvements.

You also need to take the following costs into consideration:

  • mortgage repayments
  • mortgage protection insurance in case you fall ill or lose your job
  • life assurance to enable your family to pay off the mortgage if you die
  • contents insurance against the risk of theft, fire, flood or other accidents
  • rates
  • gas, electricity, telephone and other utilities
  • ground rent and service charges may apply

As part of the process of buying a house or flat you may also need to pay for:

  • a solicitor
  • an independent survey
  • the mortgage to be arranged
  • the Land Registry fee
  • the Stamp Duty

As a tenant, you may be able to claim Housing Benefit to help with the rent.

As an owner-occupier, you will not receive any Housing Benefit to help with your mortgage costs. You may be entitled to Income Support to assist with housing costs.

If you are elderly and own your home, its value may be taken into account in assessing whether you are eligible for financial help with the costs of residential care.

Rates

When you buy your new house, you must contact Land & Property Services (LPS) and inform them when you moved in, so that they can issue a rates demand. Failure to notify LPS promptly will lead to a backdated rates bill.

Buying your Housing Executive or housing association home

If you wish to buy your Housing Executive or housing association home, you may be entitled to a discount, subject to certain conditions. For more information, please use the following link:

If you are approached by a person or company offering to help you buy your Housing Executive or housing association home, check out what's in it for them and talk to your landlord before signing up to any deal. Some companies offer tenants money up front in a deal under which the company ends up owning the property after three years.

This is good for the company, which can charge a higher rent than the local authority could when it let the property. But, it is not always good for tenants, because the money they get may not be enough to buy another home. Some tenants have found themselves homeless after agreeing to such deals. If you want to go ahead and buy your own home, get advice about anything you are unsure of. Contact the Housing Executive or your registered housing association for more details.

Housing information in other languages

You can find out more about the housing rights of EEA nationals in Northern Ireland by visting the Housing Advice website:

The site is available in English, Polish, Lithuanian, Slovak, Russian and Portuguese. You can learn more about renting privately, homelessness, sharing a home, paying for your accommodation and other issues that affect migrant workers:

More useful links