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Additional Monthly Costs to Mortgage

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  • 30-06-2019 5:56pm
    #1
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭


    Hi there,

    I am looking to check what the additional costs other than a mortgage on say 300k house.

    Such as bins, mortgage protection, life assurance etc.

    As a ballpark, if the mortgage was 1000, what would the additional payments be 100/200 etc?


Comments

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    #2
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    Very ballpark!

    Mortgage Protection: 40/month
    Bins: 20/month
    House insurance: 40/month
    Local Property Tax: 50/month
    + electricity
    + oil or gas
    + general maintenance


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    #3
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    + Management fees if you're buying into a MUD.

    My MUD allow for quarterly payments, but some want them annually, but you'd need to factor it into your calculations regardless.


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    #4
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Save something each month for surprise maintenance.


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    #5
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    Samuel T. Cogley wrote: »
    Save something each month for surprise maintenance.

    +1 to this.

    People often say that a mortgage is cheaper than rent, and from a headline rate it may well be, but if the boiler goes, or you have a leak.... the list is endless but basically its very wise to build up a little slush fund for house maintenance. If you don't end up using it, at least you have some savings that could be then put towards home improvements or proactive maintenance.


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    #6
    jester77
    Registered Users Posts: 11,264 ✭✭✭✭jester77


    These are the fixed costs I have:
    Electricity
    Phone/Internet
    Management fees
    Water
    Heating
    Bins
    TV License
    Property tax
    Life insurance
    Property insurance
    Contents insurance
    Annual ventilation and Heating service

    All the above cost me €554 a month here in Germany, Ireland is probably a little cheaper. You wouldn't have water charges and property tax is very low in Ireland.

    Then you would need extra for general maintenance of the house, for looking after the garden (fertiliser, weed killer, seeding, shrubs, flowers, etc), etc


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