Information » Housing » Buying a New Home
Buying A New Home
Many people in this country buy their own home but a property is not actually ‘owned’ until the bank loan you have taken out (commonly referred to as mortgage) has been fully repaid. Sometimes this can take up to 30 years so when some people say ‘I have bought a house’, what they really mean is ‘I’m buying a house’. If you fail to repay your mortgage on time, you lose the house.
Buying your own accommodation may not necessarily be the best option for everyone as it is expensive and involves a long-term financial commitment.
It also normally requires quite a significant amount of money as a deposit to be paid upfront and because of this, it is often not a realistic housing option for the majority of young people.
However, it is important to find out what it involves to buy your own place since you may one day choose to do so. This section will provide all the information on housing that you need to know.