Living costs in the UK have increased in recent years. The daily expenses of owning a property are often underestimated by people who don’t currently have their own house – but in reality, there are lots of costs to consider.
From heating to electricity, from water to food, and all the other costs involved with running a home, it is important that potential property owners factor these expenses into their calculations before they first buy a house.
Have you ever wondered what are the most common costs of running a home? And how much it will cost you? Read our blog below for clear costing guidance to running your own home.
Common costs of running a home
When people think about the costs associated with running a home, they usually talk about the bills you have to pay. In most cases, this will be electricity, water and gas – three essentials for your daily life.
On top of this, there are expenses such as insurance and tax which you need to consider. While it is easy to forget about these costs, they are necessities for following the law and keeping you safe.
Another major cost of running a home is your weekly or monthly shopping bill. Food is a significant expense for any homeowner, and the more people that live in your property, the steeper this bill is going to be. Purchasing supplies for your house is not cheap either – and items such as toilet roll, cleaning supplies and bin liners need to be regularly stocked up on, so you don’t run out.
You will also face additional costs if there are any faults in your property. For example, if a lightbulb breaks, you will need to replace it. Electrical malfunctions tend to be even more expensive to replace, such as televisions, ovens or microwaves. After a few years of ‘wear and tear’, it is inevitable that these costs will creep in.
On top of all of this, there are lots of smaller costs which are considered essential in the modern day to your daily living routines. Examples of this include your TV licence, your landline and your Wi-Fi.
What is the average cost to run a home in the UK?
According to a study by MORE TH>N, the owners of a three bedroom house in the UK will spend (on average) approximately £20,000 per year on running costs for their home. This figure does not include the monthly repayments on a mortgage.
Figures from Progress Housing Group, meanwhile, state that the running costs are proportionately lower for smaller properties. The organisation states that a one bedroom flat costs approximately £7,770 to run yearly in the UK – however, this calculation does not include food costs, which may increase this figure significantly.
Keep in mind that the costs associated with running your home will vary significantly depending on many different factors – including:
- The area you live in
- Your council tax fee
- The supermarkets you shop at for food
- The number of people in your family
- Which company you get gas and electricity from
These are just a few of the many factors which impact the running costs of your home. If you want a figure for homeowners in a very specific area, you could speak to people who own property in that location and ask them what their monthly bill comes to (if they don’t mind sharing this information).
Is the cost of running a house rising?
In recent years, the cost-of-living crisis in the UK means that the expenses associated with running a house have increased. This is largely due to gas prices rising so steeply, causing people to frantically find ways to save money on energy bills. In particular, the winter months tend to see the sharpest increase in running costs for homeowners, because they need to turn the heating on more often to stay warm.
Ways to reduce costs when running a home
While there is not one simple fix to reducing the costs of running a home, there are lots of small steps you can take to make your daily life more affordable.
Firstly, shopping at a supermarket with low prices is an excellent way to keep your food expenses down. You should also use price comparison sites for insurance, phone and Wi-Fi providers, and more – as these websites can be extremely valuable for finding great deals.
It goes without saying that larger properties are usually more expensive to run. Your costs will also typically go up if you live in a more expensive area. Daily living is generally considered cheaper in the north of England, for example, than in the south – and some potential homeowners keep this in mind when deciding where to live.
There are lots of independent experts who provide guidance on keeping down the running costs of your property. You should contact these individuals and enquire about top tips, and ask other homeowners in a similar situation how they manage to keep their expenses down.
If money is tight and living in your current property is no longer affordable, perhaps you could sell to a cash house buyer to receive a quick cash sum for your house.