Purchasing a home is a major decision that requires significant planning and budgeting. And although many new homeowners consider the upfront costs of buying their house—such as the deposit, stamp duty and various mortgage fees—failing to keep post-completion costs in mind after moving in can cause serious financial trouble. Include these common household expenses in your budget to keep your finances secure:
- Energy bills—While you may have had the luxury of not having to worry about energy expenses in a rented home or flat, homeowners are typically responsible for monthly bills such as gas, electricity and water. These bills can range between £100 and £200 each month.
- Alterations—Many homeowners make changes to their property when they first move in, such as adding new furniture, converting a living space or adding an extension. But these changes can be more costly than you realise. Make sure you generate an accurate cost of alterations and decide if it fits in your budget before moving in.
- Subscriptions—Each of your monthly subscriptions (eg streaming platforms or meal preparation services) might only be a couple of pounds, but the total cost of subscriptions can add up. Review your subscriptions to remove unnecessary costs before moving in.
Above all, you need to include home insurance in your budget. For more guidance, contact TH March today. You can find out more information on our home insurance here.