Expenses Associated With Being A Homeowner
*This is a collaborative post on the expenses associated with being a homeowner, but all words are my own
Being a homeowner is one of the best feelings in the world. Knowing that you own where you live and are building up value etc. But it can be one of the toughest experiences as many expenses are associated with being a homeowner.
If you rent, you may not spend on some of these expenses as they may be included or your landlord provides them.
I never lived away during university and only rented for a year before I got my first flat. But when pricing up the option to see if I could afford it, I was amazed at all the expenses associated with being a homeowner. And most of them aren’t fun things like decorations and paint.
With the cost of living as high as it is, it’s essential to drill down into these expenses and get the best deals you can.
Expenses associated with being a homeowner before you’ve even moved
Before you can officially move in, you’ll need to cough up a bunch of expenses.
I’ve done a whole post on how much it costs to buy a property, so you can read more there. But in short, you’ll have stamp duty (if you’re not exempt), mortgage fees, solicitor fees and the price of a survey.
You also need to consider the price of house removals in London or where ever you live. If you’re moving from one property straight into another, you may be on a tight timeframe, and professionals can help it go easily.
After you’ve moved
It’s important as early as possible to contact all of the suppliers for utilities, so they know someone new has moved in. As soon as you move in, take photos of the metres so you can share the readings and only pay for what you have been using.
When you rent, some of these bills may be included in your general payment, but when you’re a homeowner, you have to pay for the following:
- Electricity
- Gas (if your home has it)
- Water
For each of these, setting up a direct debit to spread the cost over the year would be a good idea. Hopefully, it will mean overpaying a bit in the summer for gas, especially when you use more in the winter; it evens out.
Expenses associated with being a homeowner the boring bills
All bills are boring to some extent, but these sit near the top for me.
Whether you own a home or rent, you must pay council tax (unless you’re a student). Again as soon as you move, get on the electoral roll. Not only is this good for your credit, but you can ensure you’re set up to pay, so you don’t end up with a big bill. Our new bill came through for the next year, and I was scared to open it. But I was happy it had only gone up by about £3 a month.
Next up is house insurance. It’s one of those things you need to have, but you hope you never need it. You will need building insurance in order to get a mortgage, but contents insurance is optional. We added it as if anything happened and our belongings were stolen or damaged; we couldn’t afford to replace them.
Other bills in the home
One of the first things most people probably try and sort when they move is their internet package. It’s worth seeing the different speeds with suppliers, as it depends on the area.
When we moved, we couldn’t get the higher-end Virgin Media, so we ended up with PlusNet as it was the best available. The rest of the home-based bills will be very much dependent on your household choices. We pay for a TV license to watch one or two shows live or through the BBC. Then we also pay for a few TV subscription services as watching is a big part of our leisure time. We also pay a subscription to Ring for our doorbell and for a burglar alarm installation.
Other expenses associated with being a homeowner
Aside from bills, the biggest spending when you own your home is upgrading things around the home. There’s no such thing as a ‘complete’ home. You may decorate and upgrade a room at a time. But then, as soon as you finish the last one, you’ll probably revisit the first.
Appliances and household items don’t always last forever. So when things like your washing machine or fridge break, you’ll need to spend to replace them.
We got the keys to our house three years ago and have found this true. Thankfully we haven’t had any appliances break (yet), but I’m sure the time will come. But it’s happened with items we’ve bought; for example, we bought cheap lights for our living room and have since replaced them with better ones.
Do you think there are any other expenses associated with being a homeowner?
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21 responses to “Expenses Associated With Being A Homeowner”
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All About Me
Rhian Westbury
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We’re about to buy our first house and we can’t be more excited about it!!! It is good to know about these expenses, THANK YOU SO MUCH…
That’s so exciting, congrats x
I loved this article, i need this to myself. Thanks for sharing this information with us. Very helpful and informative.
There is always something when you are a home owner. I tend to put so much aside each month to cover things that break or need replacing
That’s such a good way of doing it, we do the same just in case x
We are leaseholders so we also have to factor in management and ground rent expenses, which are usually 1k per year, more if repairs need doing.
That’s so interesting, and annoying to have to factor in. We have management fees in the UK for flats and some other areas but less with houses x
This is a great list. As a homeowner, I always have several aspects to take into consideration, one of which is homeowners association fees. I reside in a neighborhood governed by a homeowners association (HOA), I have to pay fees to cover the upkeep of shared areas such as parks, pools, and sidewalks.
That’s so interesting as I don’t think that’s a thing in the UK. Things like those are covered by the local government, but we inadvertently pay through our taxes x
Being a homeowner is such a good title and feeling. It’s nice to have a home that you cna call your own but we all know that there are also expenses associated with it.
Great info, there is so much to consider when buying a home but most people do not often think about extra expenses like all the repairs, bills, etc.
It can be quite a shock when you first move into your own place x
The constant work around the house, inside and outside, is what comes with home ownership. It is a great reminder and responsibility. And still, we can make our homes look welcoming and warm for all things HOME is all about!
It’s been years since we’ve rented and I can definitely relate to the convenience of having certain expenses included. But at the end of the day, the pride of owning a home makes it all worth it!
I couldn’t agree more, for us it’s worth it all x
The expenses of a homeowner seem never ending!!! We were always told never to rent but honestly now I don’t think its such a bad idea.
It really is never ending, especially if you have a house that needs work doing to it x
Thank you for sharing this insightful article about the expenses associated with being a homeowner. It’s always helpful to learn about the potential costs and considerations that come with owning a home.
I appreciate how you highlighted both the expected and unexpected costs that come with owning a home. You covered a wide range of expenses associated with being a homeowner, and I appreciated the practical advice you provided. Your writing style is engaging and easy to follow, and I learned a lot from your post.
I think just dealing with wear and tear can be a big expense, along with the upkeep of the outside spaces.
Ohh 100%, gardens are expensive and require a lot of upkeep x