Mortgage & House-related expenses

wowey

I'm thinking about getting a mortgage but the closer I get, the more scared I become. Mortgage repayments seem to be one of many house-related expenses... I have identified the following:
mortgage protection/life insurance €300
house insurance €350
tv licence €150
local property tax €330

Could you add to/ amend the list?
When I add electricity, oil, medical insurance, pension, holidays, cost of living... It gets pretty scary if you just have an ordinary job...

jester77

wowey wrote: »

I'm thinking about getting a mortgage but the closer I get, the more scared I become. Mortgage repayments seem to be one of many house-related expenses... I have identified the following:
mortgage protection/life insurance €300
house insurance €350
tv licence €150
local property tax €330

Could you add to/ amend the list?
When I add electricity, oil, medical insurance, pension, holidays, cost of living... It gets pretty scary if you just have an ordinary job...

These are the main ones I am paying:
Building insurance
Contents insurance
Life insurance
Liability insurance
Yearly services (our heating system, and air ventilation system are serviced every year)
Bins
TV License
Property Tax
Electricity
Internet
Different TV Services (Sky, netflix, prime, etc)
Water
Heating
Estate maintenance fees

Askthe EA

wowey wrote: »

I'm thinking about getting a mortgage but the closer I get, the more scared I become. Mortgage repayments seem to be one of many house-related expenses... I have identified the following:
mortgage protection/life insurance €300
house insurance €350
tv licence €150
local property tax €330

Could you add to/ amend the list?
When I add electricity, oil, medical insurance, pension, holidays, cost of living... It gets pretty scary if you just have an ordinary job...

Jester has pretty much provided a complete list but I would also add a contingency. There should be a pot of money built up to pay for unforeseen expenses, like a boiler replacement, washing machine replacement etc etc.

Owning a house is expensive.

handlemaster

Askthe EA wrote: »

wowey wrote: »

I'm thinking about getting a mortgage but the closer I get, the more scared I become. Mortgage repayments seem to be one of many house-related expenses... I have identified the following:
mortgage protection/life insurance €300
house insurance €350
tv licence €150
local property tax €330

Could you add to/ amend the list?
When I add electricity, oil, medical insurance, pension, holidays, cost of living... It gets pretty scary if you just have an ordinary job...

Jester has pretty much provided a complete list but I would also add a contingency. There should be a pot of money built up to pay for unforeseen expenses, like a boiler replacement, washing machine replacement etc etc.

Owning a house is expensive.

Very True it is expensive. Speak to a tenant they will be able to tell break it down for you how a landlord can do it and make a hugh profit.

Askthe EA

handlemaster wrote: »

Very True it is expensive. Speak to a tenant they will be able to tell break it down for you how a landlord can do it and make a hugh profit.

Is that sarcasm?

cruizer101

AA do a pretty good analysis of this every year (what it has to do with automobiles I've no idea).

http://www.theaa.ie/blog/cost-of-running-a-home/ they have download link to the list.

They work out that the average cost of running a house is 16k a year, now that includes mortgage payments of 9,866 per year so your may well differ +/-.
It also doesn't include groceries which will be a few hundred a month.

Its by no means a completely accurate list but it is a good starting point to try get a ballpark of you expenses, I used it myself recently when trying to work out our budget for a mortgage and found it useful.

ted1

wowey wrote: »

I'm thinking about getting a mortgage but the closer I get, the more scared I become. Mortgage repayments seem to be one of many house-related expenses... I have identified the following:
mortgage protection/life insurance €300
house insurance €350
tv licence €150
local property tax €330

Could you add to/ amend the list?
When I add electricity, oil, medical insurance, pension, holidays, cost of living... It gets pretty scary if you just have an ordinary job...

Bins
Electricity
Oil/gas
Flooring/curtains/painting/Windows etc generally we do 1 a year

wowey

I have to say the house itself is the cheapest item of it all! Quite shocking for someone who had nothing to do with housing market before. That's when all the stress begins I guess.