Can I Afford It: Comparing costs as a homeowner and tenant
Comparing costs as a homeowner and tenant
Being a homeowner can bring many benefits, but it also brings important responsibilities. Use this section to help you work out the costs, benefits and drawbacks of home ownership for you.
Fill out the table below to help you work out your current monthly outgoings as a tenant, and compare that with the costs of being a homeowner. When working out what you can afford, it’s important to put in all of your outgoings, such as food, clothes, utility bills, car, etc
Please note: Enter figures with decimal points for example £25 should be entered as £25.00.
| One-off costs when you buy | Amount |
|---|---|
| Income (monthly) | Now (tenant) | Homeowner |
|---|---|---|
| Wages | ||
| Housing benefit | ||
| Other income (benefits, etc) | ||
| Total |
| Ongoing costs (monthly) | Now (tenant) | Homeowner |
|---|---|---|
| Mortgage or loan payments | ||
| Rent | ||
| Council tax | ||
| Utility bills (water, electricity, gas, telephone etc) |
||
| Insurance (buildings and contents) | ||
| Life assurance and illness cover (if applicable) | ||
| Internal upkeep/maintenance (repairs to heating systems, DIY, etc, if applicable) |
||
| Major repairs/improvements (if applicable) | ||
| Service charges and ground rent (if applicable) | ||
| Other costs (general living expenses such as food, going out, clothes, etc) | ||
| Total |
| Now (tenant) | Homeowner | |
|---|---|---|
| Total monthly income | ||
| Less monthly outgoings | ||
| Your money left over each month |