Anyone who has, sadly, had to plan a funeral will know that there are plenty of ‘hidden’ costs involved. These costs encompass things such as paying for the funeral ceremony itself (though a funeral payment plan can help you), hiring a wake venue and purchasing a burial plot. One important detail that often goes overlooked when it comes to funerals is just how closely linked the cost of burial plots is to the housing market.
How are burial plot prices and the housing market linked?
This link is simple to explain. As more properties are being built, the price of burial plots will increase. This is due not just to the fact that there is less land available to use for burial sites. It is also due to the fact that as more people move in to live in a given area, there will soon be more demand for burial plots in that area. In addition, if an area generally becomes a high end residential part of town, prices of all kinds of real estate (not just burial plots but also commercial properties and houses) will increase.
What is going on with the cost of UK burial plots?
The price of burial plots in the UK is, in general, rising. This is marked in some cities in particular, with Brighton being a prime example. The reason for this rise in the cost of burial plots in the UK is due to the real estate related factors described above. This is not just a phenomenon that is linked to the UK, however. A recent article published in the International Business Times, for instance, reported that the prices of burial plots are also dramatically increasing in China due to a boom in the Chinese real estate market.
What are the solutions?
We cannot accurately predict what the cost of a burial plot will be in a decade’s time. Prices may continue to rise and rise. As such, it makes sense to secure a burial plot as soon as possible. This can be done by purchasing a plot right now, or you can choose your plot and pay for it in instalments using a tailored funeral plan. Another option – if you own your own property – is to be buried on your own land. There are a couple of legal restrictions here that you will need to comply with (mainly with respect to the proximity of your burial plot to water), but otherwise this is actually quite easy to do.