Those of you who read my blog regularly (or know much about me) will know that I own my flat under the shared ownership scheme which you can read more about here. I know a lot of people who are saving up to buy properties completely or through shared ownership but some of them don’t know about the additional expenses which can come with owning your property.
Having your own furniture
This might seem like an obvious one but when you rent a lot of properties come fully (or partially) furnished meaning you don’t need to always buy the bigger items like the sofa, bed or dining table. Or if you do you might be in a shared home so only need to furnish your own room full of things. When you own your property you have to think of absolutely everything from wardrobes and beds to coffee tables and appliances.
If your appliances break you have to pay for it
When you’re in a rented property chances are if the washing machine or fridge breaks you might be covered for it and your landlord will pay out for items to be fixed or replaced. When you own your own property this is all up to you so good on you if you have insurance. Most of us though don’t insure our appliances, and realistically when you’ve spent all your savings on a deposit and furnishing a house/ flat how many of us have spare cash lying around? Responsible lending is on the rise though and you can opt for to get a payday loan to help cover the costs of your white goods breaking down and just pay it back at payday when your money clears.
All the different types of insurance
Most of us will have experience with car and travel insurance, but there are two more types of insurance you need to think about if you own your own property: Buildings and content insurance. I am lucky as being in a flat my buildings insurance (covering damage to the building itself) is covered, but if you’re in a house make sure you get this because if your house burns down could you afford to repair the building work?! Thought not! Contents insurance does what it explains on the time and insures your contents, all those clothes, jewellery, electronic items, beauty products and everything else housed within your home.
The costs of decorating
When you move into your own place it’s likely you’ll think straight away about painting walls, re-carpeting, putting up wallpapers, or perhaps knocking down a wall. While we all want our own special space and want it to be perfectly to our tastes remember to take on one challenge at a time because decorating can come at a cost. For example when getting new carpet it isn’t just the carpet you may need to shell out for it’s the underlay, the grippers, the labour to fit it and the person to get rid of your old carpet.
Those pesky bills you forgot about
You want the internet? If so most companies will make you pay for a landline even though you’ll probably never learn the number, and likely never use it. You want to watch TV live or on demand? Then remember you’ll need a TV license to do so! When you’re no longer a student council tax is a scary reality and in most cases works out at over £100 a month, another expense to add to the pile!
What unexpected costs do you find you have?