Archive for May, 2010
If you are wanting to buy a house you should consider buildings and contents insurance. Buildings insurance covers the actual house and covers water, fire damage and all that sort of catastrophe whereas content insurance basically looks after your posessions. You can often get the two types of insurance from the same company on the same policy but often it is a good idea to buy cheaper going seperately. Shop around using price comparison sites and play them off against each other. This is probably the best and cheapest way to get insurance for your new home, and all your posessions.
On a mortgage it is all very well paying monthly costs but what if you lose your job, can’t pay your repayments, fall ill or in the worst case scenario – die? This is something we don’t want to think about but when buying a house these things do have to be considered. Mortgage insurance cover, life insurance and critical illness cover are all recommended but purely a choice by the mortgage payer. If someone can’t pay the mortgage because they are no longer alive or too ill to work then someone still has to be made accountable. This is where insurance comes in and covers the costs.
When buying a house it is best to keep costs as low as you can, because there are many things that you may not have taken into account that may crop up and need to be paid for. Shop around for the prices for solicitors and mortgages to get the best prices and you won’t be disappointed. If you are looking to keep costs of things for your house down too then you can use websites like freecycle and freegle. These sites are available for people to swap and give away items they no longer require. Get yourself signed up and save some money.
Ok so you have decided that someone is going to rent from the house you have just bought. Depending on whether you are renting the whole house or just a room or section of a house, prices will vary and really need to be judged at your own discretion. There are many websites that give you a guide on how much you charge depending on room size, how many you are sharing with and many other factors. There is also the factor of whether the person renting is a friend or purely a professional agreement. Either way can work but you need to make sure that everything is done legally. This will mean paying tax on the monies you receive from the person renting.
When you buy a house you may find that you can’t afford to live alone and need to rent out one of your rooms. The advantage of this is that you can charge fees that will cover part of your mortgage repayments and although usage of more electricity and gas will be increased, the charges will be split between more parties. It is often a good idea to live with someone else anyway, and whilst it might not be ideal on some occasions, you have to keep thinking that you are getting a good deal out of it. It is helping you pay off your mortgage whilst being able to live your life.
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