The daily expenses of owning a property are easy to underestimate.
Potential property owners must factor in many costs, including:
- Heating
- Electricity
- Water
- Food
And more.
Have you ever wondered what the most common costs of running a home ngare, and how much they will cost you?
Read on to find out more.
Typical costs of running a home
When people think about the costs of running a home, they usually talk about the bills you must pay.
Essential costs
In most cases, these will mean essentials such as electricity, water, and gas.
And, of course, insurance and taxes.
Food
Food is also a significant expense for any homeowner, and the more people live in your property, the higher this bill will be.
Household necessities
Purchasing supplies for your house is not cheap either – and items such as toilet roll, cleaning supplies and bin liners need to be regularly purchased.
You will also face additional costs if your property is at fault. For example, if a lightbulb breaks, you must replace it. Electrical malfunctions, such as televisions, ovens, or microwaves, tend to be even more expensive to replace.
After a few years of ‘wear and tear’, it is inevitable that these costs will creep in.
Extras
In addition to all of this, there are many smaller costs that are considered essential to modern-day daily living routines. Examples include: your TV licence, your landline, and your Wi-Fi.
What is the average cost of running a home in the UK?
According to a study by MORE TH>N, the owners of a three-bedroom house in the UK will spend (on average) approximately £20,000 per year on running costs.
This figure does not include the monthly repayments on a mortgage.
Meanwhile, figures from Progress Housing Group state that running costs are proportionately lower for smaller properties.
The organisation states that a one-bedroom flat costs approximately £7,770 to run yearly in the UK. However, this calculation does not include food costs, which may increase this figure significantly.
Keep in mind that the costs associated with running your home will vary significantly depending on many different factors – including:
- The area you live in
- Your council tax fee
- The supermarkets you shop at for food
- The number of people in your family
- Which company you get gas and electricity from
These are just a few of the many factors that impact your home’s running costs.
If you want a figure for homeowners in a very specific area, you could speak to people who own property in that location and ask them what their monthly bill is (if they don’t mind sharing this information).
Is the cost of running a house rising?
In recent years, the cost-of-living crisis in the UK means that the expenses associated with running a house have increased.
This is largely due to gas prices rising so steeply, causing people to frantically find ways to save money on energy bills.
In particular, the winter months tend to see the sharpest increase in running costs for homeowners because they need to turn the heating on more often to stay warm.
Ways to reduce costs when running a home
While there is no straightforward fix for reducing the costs of running a home, you can take many small steps to make your daily life more affordable.
Firstly, shopping at a low-priced supermarket is an excellent way to keep your food expenses down. You should also use price comparison sites for insurance, phone and Wi-Fi providers, and more, as these websites can be extremely valuable for finding great deals.
More significant properties are usually more expensive to run. Your costs will also typically increase if you live in a more expensive area.
Daily living is generally considered cheaper in the north of England, for example, than in the south, and some potential homeowners consider this when deciding where to live.
There are many independent experts who provide guidance on reducing your property’s running costs.
You should contact these individuals to inquire about their top tips and ask other homeowners in a similar situation how they manage to keep their expenses down.
If money is tight and living in your current property is no longer affordable, you can consider selling your house for cash.
