cost of owning a house

Ursus Horribilis

I got rid of a 20+ year old wooden shed from the back garden last year. Replaced it with a steel one that I expect to last for quite a while. The blinds in the house were probably the same age and were still working fine right up until the day I had them replaced (taste, rather than necessity). Do you have a Phonewatch alarm or something?

Upforthematch

Ursus Horribilis wrote: »

I got rid of a 20+ year old wooden shed from the back garden last year. Replaced it with a steel one that I expect to last for quite a while. The blinds in the house were probably the same age and were still working fine right up until the day I had them replaced (taste, rather than necessity). Do you have a Phonewatch alarm or something?

As I said it depends. A steel shed will obviously last longer than a wooden one. I replaced a wooden shed that was rotten, I don't know how long the previous owner had it for but it didn't look 20 years old.

You mightnt have kids messing up your blinds. Blinds and curtains are expensive, why not include them.

These are costs of owning a house and no swimming pool or underground parking in sight.

A monitored alarm costs money. Your incredulity makes me wonder do you live in a place where alarms aren't a necessity?

Ursus Horribilis

I'm not going to get into a tit for tat and take the thread off-topic. Let's just say your house owning costs are clearly more than what mine are.

Upforthematch

Ursus Horribilis wrote: »

Let's just say your house owning costs are clearly more than what mine are.

And that's what the Op wants to find out more about...

I don't agree with the Op that renting is the better option but there can be lots of hidden costs to owning a house.

Servicing a septic tank or testing your own water supply for effluent could be another cost of owning a home in the country.

riclad

Maybe 5 per cent of house,s have management fees,
unless you buy a mansion with a large garden ,
all you need is a push lawnmower .
no need to hire gardeners .
if you buy a house in good nick, theres zero chance you ,ll need
roof repairs or replacement windows .
you can buy furniture from vincent de paul or ikea .
Or on adverts.ie for sale very cheap .
if you are willing to buy second hand furniture .
If you are single you can buy a small house, 1-2 bedroom,
bungalow, small house reduced maintenance , easy to decorate .
property tax depends on the value of the house .
in dublin rents are above the cost of a mortgage .
In most area,s .
you could buy a 2 bed house.
rent a room scheme, rent one room out to a work person.
like a nurse ,teacher
see revenue.ie , earn up to 14k, tax free .

sdraobs

sdraobs wrote: »

hi, im thinking of buying (currently renting) but from a pure economics view, trying to work out what costs i have that i wouldnt have if i was renting. As in not worried of the psychological benefits of owning over renting (security, noy worrying about being turfed out by landlord). is there any additional i am missing

1. mortgage repayments
2. property tax
3. management company fee (if applicable)
4. structural repairs (roof, windows,)
5. buildings insurance
6. redecoration after a few years - new carpets, new kitchen,
7. applicances (replace dishwasher/washing machine when they break)
8. furniture
8. Gardeners


Am i missing anything else? i am not including utilities, or tv licence as ill have to pay them anyway as a tenant.


Having read this list I'm thinking of staying renting. Whoever said renting was dead money is a clown.

Mortgage is paid off in time, usually well before retirement.
Not a huge expense, though benefits aren’t that clear.
Management fees don’t apply to all properties
Roofs, windows and central heating tend to be one offs, if even that
Building insurance applies to all properties and needn’t be too expensive. Shop around.
Decorate one room a year. Buy good quality carpets and they’ll last years.
Budget to replace one large item every other year.
Gardner’s? Do it yourself. Great exercise and very satisfying.

Imagine reaching retirement and not have to worry about paying rent!