Household Bills

honeybear

Buying first house - what household bills could I expect to pay?

Cash_Q

Electricity
Heating - gas, oil, electric or solid fuel
Internet
Phone
Local Property Tax
Home insurance
Mortgage protection
Life insurance

Interested Observer

Cash_Q wrote: »

Electricity
Heating - gas, oil, electric or solid fuel
Internet
Phone
Local Property Tax
Home insurance
Mortgage protection
Life insurance

Refuse
TV

NSAman

Cleaner
Chef
Maids
Chauffeur
Pool cleaning
Gardener
Closet organizer
Designer
Personal shopper
Intern (throw some cash their way now and again )

Nobelium

servicing and permanent ongoing maintenance, reactive and preventative
and unless you do them yourself
painting and decorating
grass cutting, powerwashing, cleaning gutters and windows

BarryD2

Unless you're currently living in a tent, you probably pay most of them already one way or the other

Only real extra ones are LPT, house insurance, maintenance costs, maybe contribution to local residents association and mortgage obviously unless you bought with cash.

fritzelly

If any money left then the shopping bill

myshirt

fritzelly wrote: »

If any money left then the shopping bill

Don't be coming in here flaunting you rich b*stard.

myshirt

I agree with the prior poster. A lot of this you will be paying already, so it's incremental cost you need to focus on.

I reckon you should expect to accrue 10% of your mortgage payment on Life Insurance, LPT, and House Insurance.

For maintenance costs, if it's a new build you should accrue about 5% of your mortgage payment into an account. If an older build then anywhere from 10% to 15%, so basically about 1 to 2 months mortgage payments each year.

Mrs OBumble

Depending on the estate, management charge.

amen

Maintenance costs of between 5% (new build) and 10%(old builds)?

What exactly are theses maintenance costs for ?

My house is 18 years old and requires very little maintenance. Nothing at the level above.

Dav010

amen wrote: »

Maintenance costs of between 5% (new build) and 10%(old builds)?

What exactly are theses maintenance costs for ?

My house is 18 years old and requires very little maintenance. Nothing at the level above.

True, but if you buy an old house then there are likely to be some costs over time, though 10% seems very high. Think boiler, painting, upgrade bathrooms, upgrade kitchen, garden, roof, insulation solar heating etc. Some of these of course will not be necessary, but some you might need to go and some you might choose to do.

In new builds, starting off money may be tight, as time goes on you may improve/upgrade particularly when kids come along, and then grow through childhood.

I presume maintenance fees may also apply if you live in a development, old or new, with a MC. The fees on older properties may be higher a maintenance, and fees in my experience, never decrease, they only go one way.

myshirt

amen wrote: »

Maintenance costs of between 5% (new build) and 10%(old builds)?

What exactly are theses maintenance costs for ?

My house is 18 years old and requires very little maintenance. Nothing at the level above.

You won't spend all the money you put away each year, but you will spend it over the course of the home ownership. That's the difference between accruals and cash.

Top of my head:

When are you planning to rewire the house? How much have you put away for it? (Especially if your house is terraced or semi detached)

How frequently do you get your boiler serviced?

Has your heating system ever failed?

How's your driveway holding up?

Have you had the same washing machine, sanitary ware, cooker for the last 18 years?

Have you had the same front door, flooring, kitchen, fridge, and paint on the walls for the last 18 years?

The same beds? The same couch? Same wardrobes? The same shed? Etc. These things only have a certain useful economic life.

Any roof repairs?



Add on to all this the cost of finance, because to be frank who puts away the cash like they should? Not many. Meaning you've to borrow.
A couple of loans over the 18 years, plus the interest on the loans and you'd be doing well at 15% of your annual mortgage payment.

myshirt

myshirt wrote: »

You won't spend all the money you put away each year, but you will spend it over the course of the home ownership. That's the difference between accruals and cash.

Top of my head:

When are you planning to rewire the house? How much have you put away for it? (Especially if your house is terraced or semi detached)

.

That’s a very expensive thing to do that will properly never be done in the ops lifetime of living in the property so will skew figures. Honestly I’ve never heard of someone having their house rewired except doer uppers purchased in a poor state so not sure why you would put it on a list of maintainence. The rest are fair enough but I’d disagree on how much it would cost spread out years as many of the items have a long life and don’t cost very much.

The roof is the biggest potential repair but keeping an eye on it and making sure to claim your insurance for any claimable damage will reduce the costs/risk of having to fork out a big repair.

honeybear

Thanks everyone for your replies. It’s an 100 year old house very well maintained-a little dated but current owners are highly regarded for their maintenance levels. Superb garden (I’m going to have to hire a gardener!) Budget has been stretched buying this house so I’m trying to think ahead re budgeting for unforeseen expenses. Thanks again!