Costs involved in running a house or apartment?

Freiheit

Property tax
water tax
esb
telephone/internet
tv licence/satelite dish
Security alarm
insulation
general maintenance- things that break
lawnmower
house insurance
refuse

Is it reasonable to say that a house or apartment would could E10,000 per year to maintain,occupied myself or rented out? I'm just worried about buying and struggling with running costs because my income is low. I have a lump sum but am low in actual income. What do people think of this incidentaly? anything to be wary of? it's near a major hospital so you'd imagine good rental potential,but could it be sold in a few years if I wanted out?
http://www.daft.ie/searchsale.daft?id=637004

Thanks

Zowie

whippet

why would you bother even considering buying a property if you are concerned about the cost of basic upkeep.

Why not consider renting? makes perfect sense to me.

username123

Ill just put some monthly figure estimates on this for you, I have a 2 bed apartment, its bigger than the one you have linked and it has gas heating not electric so possibly cheaper in terms of heating but it will give you a rough idea.

Monthly:
Property tax - 8
water tax - ??
esb - 70
telephone/internet (broadband and tv package) - 25
tv licence/satelite dish (tv licence only) - 14
Security alarm - no monthly cost?
insulation - no monthly cost?
general maintenance- things that break - 25
lawnmower - none
house insurance - 20
refuse - part of management fee

Ill add:
management fee - 70
Gas - 40

Im not sure what you mean by security alarm or insulation or lawn mower - the first is a one off, the second I dont understand, and the third - why would an apartment require a lawnmower?

Ive probably forgotten something but theyd be my rough costs. Building insurance is in the management fee. There will be some costs over time on painting, replacing furniture/appliances etc...

I make that 272 per month, lets round it to 300 per month just for whatever Ive forgotten = 3600 per year.

I thought your figure of 10k was crazy high for a yearly figure so I just wanted to jot down some realistic figures for you.

kippy

Costs of running a house?
Do you count the mortgage in that?

A lot depends on the size of the house, where it is located and how many people live in it.
As you've hinted it, some of those costs are to go up in the next few years with water tax to be introduced and property tax to be increased (drastically).
The biggest cost associated with directly owning a house are:
1. Mortgage.
2. Management fee.
3. Insurance.
4. Property tax.
5. Upkeep (this can vary wildly to be honest, you'd want to have a couple of grand set aside in case anything major happens with something in the house)

Bins, Electricity, Heating, TV and Internet etc etc are almost all costs you'd have to pick up whether you were renting anyway(with the obvious caveat that you would probably be splitting the bills with others when renting - of course if you are an owner and renting a room or two, you can split them as well)
Currently we are spending about 10,500 per annum on the top 4 bills above (including mortgage) and have about 2K set aside for any upkeep/improvement issues that need seeing to (rarely have to dip into this for anything but an improvement somewhere)
If you wanted to factor in the other costs, it would depend on a few variables but I would be up around the 3400 per annum (I could reduce this by a significant amount if I needed to by dropping TV/Internet to Free to Air/USB dongle.
Total cost is about 13,500 per annum (could be reduced if we really needed to) with the vast majority being the mortgage.

edellc

that's a poky little flat isnt it, I certainty wouldn't call it an apartment and I wouldn't rent it or buy it if I had that money

and 10k to run that you are having a laugh it would be nowhere near


look at the pics its poky, also would mgn fees apply for a flat above a shop?? its not an apartment complex

StillWaters

I wouldn't call 800sq ft poky!
If you are buying for cash, and your only expenditure is bills you're biggest expenses will be management charge, property charge and utility bills. I'd say nearer 5k than 10k.

riclad

APARTMENTS have have service charges,which includes insurance,maintenance.
where do you live ? say you buy rent ,you,ll still have to pay for satellite tv or cable tv,refuse etc
work out how much it costs to pay rent ,and other expenses then compare with house purchase.
if you buy a 2bed unit, you can rent out 1room, rental income up to ten k ,tax free.
If you have house you can get freesat,or a skybox ,theres at least 30 free channels, bbc4,music,news etc no sub required.
SKY reciever plus dish is 45 euro approx on adverts ie.
a block with 20 units ,3floors, no lifts ,stairs, will have lower maintenance than a large block
with 200 units and electronic lifts.