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Expenses involved in Owning V Renting

  • 07-03-2013 4:19pm
    #1
    Shedite27
    Registered Users, Registered Users 2 Posts: 9,469 ✭✭✭


    Hi,

    Trying to see how many extra costs are involved in home ownership V renting. Not thinking bout anything that are involved in both (Gas, Internet), or buying the house (solicitors). More things like....
    • Property Tax
    • Waste Charges
    • House Insurance
    • Management Fees (possibly)
    • Water Charges (eventually).

    Anything else? Not looking for the actual numbers, just ideas about what expenses are involved.


Comments

  • #2
    peter_dublin
    Registered Users, Registered Users 2 Posts: 387 ✭✭peter_dublin


    Surely Waste Charges are both unless its an apartment complex and even then I know several smaller (less than 10 units) developments where each unit provides their own just as a house does.

    Re the water charge, why would this be a owner cost only, as it will be metered with only a free allowance why would it be any different to Gas etc. As a landlord I would be passing on the cost for any water used over the allowance to the tenent. Of course this is all up in the air until the metering model / period and charge method is outlined unless I have missed something.

    There is the annual cost of maintaining the property, your time for Gardening, Window Cleaning, DIYing it when something breaks etc. This obviously is different between apartment complexes and houses. Management Fees for Apartments = Insurance / Waste / External Maintanence (Gardens etc) so you need to put a value on your time as well when doing your calculations.

    I would see the differance as:

    Property Tax (Owner / Landlord)
    Insurance. Rented: (Landlord / Tenent Contents Insurance) House: (Rebuild / Contents) Apartment (Contents / Rebuild is in Management Fees)
    Management Fees cover the below otherwise they would be unique costs to a owner:
    --Insurance (Rebuild)
    --External Maintanence (Windows / Gardening / Cleaning / Painting etc.)
    ----What would your time cost if you paid yourself to do this ?
    --External Repairs (Drains / Doors / Roof etc)
    ---- Again cost of your time or having someone do it for you.
    --Sinking Fund (200 euro saved each year)
    --Waste Charges: Variable as above.


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