Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

First-Time Home Buyers' Budgeting Secrets

10 May 2024 · 1 min

Watch on YouTube

0:50

A conversational YouTube video (May 10, 2024) aimed at first-time home buyers explaining why budgeting is essential before house hunting. Hosts emphasize determining an affordable budget, estimate typical deposit requirements (around 10–15% or more), and list additional costs to plan for such as monthly mortgage payments, conveyancing fees, home insurance, and setting aside funds for repairs. The video also briefly mentions first-time buyer stamp duty relief eligibility as a consideration.

Questions this video answers

May 10, 2024

Around 10–15% (or possibly more)

Chapters

To start with the beginning, I'll start.
With the dirty B word.
Budgeting so budgeting for your first home Nobody wants to hear.
About budgeting, but.
It'S pretty important.
So let's deal with that first.
Before scrolling through property listings on Zoopla.
And rightmove.
Let'S talk about budgeting so you can start your house hunt online.
You can start looking your area, but.
Your budget is key and will determine.
What sort of house you buy.
That way you can begin your search with a clear understanding of what you can afford, so it will be best to consider what you front.
For a deposit.
Most times could go up to 10.
To 15%.
Or even more. What's your deposit?
Monthly mortgage.
Payments and other.
Accompanying.
Expenses that most people don't.
Think about like conveyancing fees, home.
Insurance and of course put something by.
The side for repairs.
Again, if you are a first time buyer but you're not.
Eligible for first.
Time buyer stamp duty relief due to the price of the.
House you're buying.