Additional non-mortgage costs of owning a home?

[Jimbo Mahoney]

Hi all,

I'm trying to estimate how much extra I will need to budget for on top of the monthly mortgage repayment.

I'm figuring:

1) Rates (NI equivalent of council tax)
2) Buildings Insurance
3) Maintenance

and I'm guessing 2% of the cost of the house annually.

e.g. £150,000 house will cost £250 per month in council tax, insurance and maintenance.

Does this seem reasonable?
Am I missing any other costs? (Apart from normal bills that you'd pay as a tenant anyway).

I'd rather over-estimate than under.

Thanks!

 

[Jez]

£250pcm is a high banding, at least it is in Oxfordshire. Our council tax is lower than that and its a house worth rather more than £150k.

In Oxon a £150k house (if one existed) would be band A, so probably around £1000/pa

Buildings insurance costs next to nothing, i have unlimited buildings and about £50k contents for around £130/pa.

 

[Jimbo Mahoney]

£250pcm is a high banding, at least it is in Oxfordshire. Our council tax is lower than that and its a house worth rather more than £150k.

In Oxon a £150k house (if one existed) would be band A, so probably around £1000/pa

Buildings insurance costs next to nothing, i have unlimited buildings and about £50k contents for around £130/pa.

Thanks - I didn't intend for £250 a month to be ONLY council tax. I was estimating more like £125 for council tax and £125 for maintenance / insurance.

 

[rossk26]

I've recently set up a spreadsheet with pretty much every cost I could think of:

You'll need to find your own figures though.

Mortgage
Gas & Electric (use MSE website to get an estimate)
Water (will depend on your location/size of house/meter)
Council Tax (check on your council website)
Home Insurance (run a quote)
Phone & BB (depends what deal you want)
TV License (£12 a month)
Mobile phone (depend what deal you want)
Car - Maintenance (insurance, tax, MOT, servicing etc times how many cars you have)
Car - Fuel (number of miles x MPG)
Food & Goods (depends how many mouths to feed and where you shop)

 

[HangTime]

Depending on the area you may have additional charges for upkeep of communual areas like green spaces and such (particularly if it is a new build estate). We pay about £170/year for that.