Collaborative Post
It is most people’s dream to own their own home but there are a few different things you need to consider. When we rent, there are many costs that the landlords incur that we don’t know anything about like maintenance cost or the potential of needing legal help like tenant eviction, or even really notice but these become all the more apparent when we own our own homes.
Here are the important costs to consider when owning your own home.
The Boiler
If the boiler packs up, it’s your responsibility. Whether you live in the house yourself or have tenants, you cannot leave the home without a working boiler for long. It is important to choose a company who offer boiler repair with good reviews who you know will do the job properly such as toasti. Boilers can be very expensive when they break and it is important to keep them maintained with regular boiler checks.
Life Insurance
Now this is something I think everyone should have anyway but the truth is many people don’t have it! When you own a home, some mortgage companies expect you to have it as standard and sometimes even include a policy within their mortgage deal. If this isn’t something you are used to paying, you might want to prepare yourself for it! Luckily policies can be very affordable!
Buildings AND Contents Insurance
Renters are used to paying contents insurance but if you own your own home, you will be paying both buildings and contents insurance. Contents covers the items inside your home, buildings insurance covers things like rebuilding costs, locks, damage to the building itself.
Photo by Scott Webb on Unsplash
Building Work Or Maintenance
If something needs fixing or you want something added on, you will be the one incurring the cost. If your wiring isn’t working and needs redoing, you will be the one who hires and pays an electrician. Same for if a window smashes or roof tiles fall out – the glaziers or roofers fees will have to be paid by you.
Some of these may seem pretty obvious but it is amazing just how little people realise they have to pay for when they own their own home. The UK has become so used to renting properties that they have forgotten about all of the costs home owners incur even after buying their homes. There are so many things to consider and so many things that could crop up so it is important to have some savings to hand to pay for any work that needs doing.
Do you own your own home? What costs that you incurred shocked you most?