4 real estate costs to budget for

Buying a home is very expensive, especially in today’s real estate market where a mere million dollars won’t get you very far in the big cities!

If you’re in the market, there are various ongoing payments that need to be considered in addition to paying off your home loan. These additional costs are often overlooked when evaluating the cost of a home, but they are important for keeping your home up to standard and keeping your utilities on!

Here are some additional costs you may not have considered:

Home and contents insurance: Home insurance, also known as building insurance or home insurance, is designed to protect your home against events beyond your control, such as fires, floods and storms. The cost of home insurance can depend on the type of property and factors such as the size and age of the property are factors. You can compare different insurance packages here at Mozo, with the best products carefully selected by our team.

Utilities: electricity, gas, water and internet connection are all examples of utilities that cost money on top of your regular mortgage payments.

General maintenance: General maintenance jobs such as touching up paint, clogged gutters, tightening leaky faucets and unclogging clogged pipes can be costly if you need a specialist such as a plumber or builder. These additional costs are important to consider and budget for in an emergency. For advice on how to improve your home at a good price, you will find some useful tips in this guide.

Garden maintenance: if you have a house with a garden, you may need to hire a gardener to help you maintain your garden, otherwise, if you do it yourself, gardening tools, plants and weedkillers all cost the money.

How to make my homeownership budget work:

Start by creating a budget and including all of your regular expenses, such as mortgage payments and utility bills. Remember to allocate an appropriate amount of money to save regularly for emergencies like home maintenance.

If you’re not sure how to start budgeting, check out our guide, How to Create a Budget for some helpful tips.

If you need help calculating all your costs and creating a budget, check out our budget calculator.

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