Total home expenses (first time buyer)?
Utilities (hydro + gas + water) = $125: I know this cost depends on many variables (size and age of home, # of occupants, energy saving techniques, etc). The size of home will be small, 2-3 bedrooms (probably end up being 2) with 2 occupants. We will be VERY conservative in everything (not wasting water, turning lights off, don’t turn the heat high in winter or use AC much in winter, etc). I know $125 is low, but I feel it reflects the size of home and our conservative usage. Realistic?
Water Tank Rental = $30: Ideally the tank is owned and not rented, but I’m budgeting this in case it’s a rental. Should this be over or under $30?
Property Tax = $250: I’m not too sure how this is calculated but I figure it depends on the home’s assessed value…maybe multipled by a certain rate (e.g. 1% or 2%)? Anyone know if $250/month (or 3k per yr) is accurate for a small home, market value 250k in KW?
Home Insurance = $75: A small inexpensive home shouldn’t be as expensive to insure as a 3000+sq ft home.
Big Home Maintenance Items: No idea how much this would be. I realize things like the roof, windows, furnace, etc will need to be replaced eventually as they don’t last forever. At the same time I don’t really care about having the prettiest looking house or latest stuff so as long as the item is still functioning properly, I probably won’t upgrade them. Also, you never know how long you’ll stay at a home. If I end up owning the same home for the rest of my life then fantastic. But if I move away after 5 years and replaced the roof and windows the year prior, I’m not sure that would’ve been wise financially (unless those parts were definitely in need of replacing). Obviously it would help the value of the home when it comes time to selling, but would it really be a 1 to 1 value (e.g. spend 10k on an upgrade would also increase home value by 10k)? Probably not, but maybe I’m wrong. So I think for this category, I will upgrade items on an as needed basis (and I’ll be sure to have enough funds to do so).
Small Home Maintenance Items: Aside from the big items above, I’m sure there are smaller home maintenance items that will need to be done on a semi-regular basis. From people’s personal experiences, what would these be and how much?
Internet, Phone, Cable = $50: I would just get a cheap internet plan ($40), no home phone as I’ll use my cell, and I’ll get Netflix ($10).
So in total that’s $530 per month (not including any maintenance). Please correct any values you think may be wrong and add any expenses I have missed. I appreciate any responses