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How Much Does it Cost To Run a Household?

Once you have managed to get your offer approved on your home, then the celebrations can begin! Becoming a homeowner is perhaps one of the biggest achievements you will make in your life and saving up the deposit towards getting a mortgage loan can sometimes feel like a never-ending struggle. And while it’s time to celebrate and enjoy settling into your new property, it’s important to remember that there are going to be a continuous stream of outgoings that will probably add onto the already existing stress of paying for a mortgage. In the UK, the average cost of running a South-East London, 2-bedroom property is around £1,500 per month. Monthly bills going out of your account may include: Here at We Buy Any House, we have compiled a small guide on how much does it actually costs to run a household?

Council Tax:

Whether you are renting or owning a home, you will inevitably have to pay council tax on your property. The amount you pay will depend on the band your property fits into, and is finance you can either pay monthly, yearly or quarterly. Some people are eligible for a discount, for example if they are disabled or living alone.

Building and Content Insurance:

If you are intending to buy a property, then you will have to pay for your buildings insurance as you apply for a mortgage. The insurance basically protects the building you live in, and everything you have inside it. Additionally, the total cost of the insurance must be enough to cover the cost of the house if it was to break down.

Electricity and Gas:

Your electricity and gas bills will more than likely be a fixed amount you will pay each month to a provider. Depending on the plan you select, and the company you go with, you may be able to negotiate a rate that works best for you.

Water:

The amount you pay for your water depends on two things, the area in which you live, and how much water you use on a daily basis. If you live in an area where there is limited water, then it may be more expensive to acquire water, and may have to go with one designated supplier who has been allocated to the area where you live.

Wi-Fi/ Landline/ TV license:

Although having Wi-Fi, landline and a TV license isn’t always a necessity- they are a staple in most homes and are even considered a human right. Even if you do not have the most up-to-date technology in your home, then having a landline will still have to be paid for in your home. You will have to sign up to a server in order to gain access to these things.

This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries.

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