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The True Cost of Home Ownership

March 22, 2016

At Pegasus Personal Finance, we wanted to find out more about the hidden costs of home ownership – so we conducted a survey to find out what charges are catching first-time buyers off-guard.

From unexpected construction and legal fees to optional yet necessary house and life insurance, respondents revealed the charges ramping up the true cost of buying your own home.

The homeowners surveyed were able to select more than one answer, and the results of the study are below – segmented by gender, age and geographical location.

 

Topline results:

CHAPS fees – 40.6%
Search fees – 27.5%
Mortgage set-up fees – 24.7%
Land registry fees – 24.3%
House renovations or repairs – 25%
Moving costs – 24.6%
Increase in utility bills/car insurance – 20.6%
Stamp duty – 16.7%
Home or life insurance – 15.1%
Solicitors fees – 14.7%
Furniture and decor – 13.9%
Interest on your mortgage – 13.5%
Other: 6.4%

 

Males:

CHAPS fees – 31.2%
Search fees – 30.3%
Moving costs – 28.2%
House renovations or repairs – 24.3%
Land registry fees – 23.9%
Increase in utility bills/car insurance – 20.4%
Mortgage set-up fees – 17.4%
Furniture and decor – 16.5%
Solicitors fees – 16.5%
Stamp duty – 15.6%
Interest on your mortgage – 13.6%
Other: 7.3%
Home or life insurance – 6.8%

 

Females:

CHAPS fees – 31.2%
Search fees – 30.3%
House renovations or repairs – 28.8%
Land registry fees – 23.9%
Home or life insurance – 23.8%
Moving costs – 20.1%
Increase in utility bills/car insurance – 17.5%
Mortgage set-up fees – 17.4%
Solicitors fees – 16.5%
Interest on your mortgage – 16.3%
Stamp duty – 15.6%
Furniture and decor – 7.5%
Other – 7.3%

 

18-24s:

Mortgage set-up fees – 37.5%
CHAPS fees – 34.4%
Moving costs – 34.2%
Increase in utility bills/car insurance – 31.6%
Home or life insurance – 28.9%
Search fees – 28.6%
Land registry fees – 28.1%
Stamp duty – 25%
Solicitors fees – 24.2%
Interest on your mortgage – 21.1%
House renovations or repairs – 18.4%
Furniture and decor – 7.9%
Other – 3.1%

 

25-34s:

Search fees – 48.7%
CHAPS fees – 43.6%
Land registry fees – 30.8%
House renovations or repairs – 29.8%
Moving costs – 21.3%
Increase in utility bills/car insurance – 19.1%
Solicitors fees – 18.9%
Mortgage set-up fees – 17.9%
Stamp duty – 15.4%
Interest on your mortgage – 14.9%
Furniture and decor – 12.6%
Other – 4.8%

 

35-44s:

CHAPS fees – 45%
Search fees – 30.4%
Moving costs – 29.3%
Land registry fees – 27.5%
House renovations or repairs – 19.5%
Increase in utility bills/car insurance – 17.1%
Stamp duty – 15.3%
Solicitors fees – 15.1%
Mortgage set-up fees – 15%
Furniture and decor – 14.6%
Home or life insurance – 9.8%
Interest on your mortgage – 7.3%
Other – 5.1%

 

45-54s:

CHAPS fees – 44.7%
House renovations or repairs – 36.7%
Increase in utility bills/car insurance – 20%
Moving costs – 16.7%
Mortgage set-up fees – 15.8%
Furniture and decor – 13.3%
Stamp duty – 13.2%
Land registry fees – 13.2%
Solicitors fees – 10.9%
Search fees – 10.5%
Interest on your mortgage – 10%
Other – 4.5%
Home or life insurance – 3.3%

 

55-64s:

Mortgage set-up fees – 34.8%
CHAPS fees – 26.1%
House renovations or repairs – 23.5%
Interest on your mortgage – 22.2%
Home or life insurance – 19.6%
Moving costs – 17.6%
Search fees – 17.4%
Stamp duty – 13%
Land registry fees – 11.2%
Increase in utility bills/car insurance – 6.1%
Furniture and decor – 5.9%
Solicitors fees – 4.3%
Other – 3.8%

 

65+:

CHAPS fees – 37.5%
Interest on your mortgage – 33.3%
Search fees – 31.2%
Mortgage set-up fees – 31.2%
House renovations or repairs – 21.1%
Furniture and decor – 19.3%
Stamp duty – 19%
Land registry fees – 18.8%
Moving costs – 16.7%
Increase in utility bills/car insurance – 11.2%
Solicitors fees – 6.2%
Home or life insurance – 3.1%
Other – 2.4%

 

England:

CHAPS fees – 41%
Search fees – 26.4%
Mortgage set-up fees – 25.5%
Land registry fees – 24.5%
House renovations or repairs – 24.4%
Moving costs – 24.3%
Increase in utility bills/car insurance – 22%
Stamp duty – 17.5%
Home or life insurance – 15.1%
Interest on your mortgage – 14.1%
Furniture and decor – 13.7%
Solicitors fees – 13.4%
Other – 6.6%

 

Scotland:

CHAPS fees – 38.5%
Search fees – 34.5%
Land registry fees – 30.8%
House renovations or repairs – 29%
Moving costs – 28.8%
Mortgage set-up fees – 26.9%
Furniture and decor – 19.4%
Home or life insurance – 16.1%
Solicitors fees – 19.2%
Stamp duty – 15.4%
Interest on your mortgage – 12.9%
Increase in utility bills/car insurance – 10.2%
Other – 7.7%

 

Wales:

Land registry fees – 44.5%
Search fees – 38.1%
CHAPS fees – 36.9%
House renovations or repairs – 33%
Moving costs – 31.2%
Stamp duty – 22.4%
Mortgage set-up fees – 21%
Interest on your mortgage – 18.5%
Solicitors fees – 18.4%
Home or life insurance – 17.4%
Increase in utility bills/car insurance – 14%
Furniture and decor – 12.8%
Other – 3.1%

 

Northern Ireland:

CHAPS fees – 48.1%
Mortgage set-up fees – 44%
Search fees – 41.1%
Stamp duty – 39%
Furniture and decor – 37.2%
Moving costs – 31.5%
Land registry fees – 27.5%
House renovations or repairs – 22.9%
Interest on your mortgage – 22.6%
Home or life insurance – 14.3%
Increase in utility bills/car insurance – 9.9%
Solicitors fees – 7.7%
Other – 2.4%

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