Checklist: ongoing operating costs for your own home

You've found your dream home and finally moved in. Amidst all the excitement, don't forget about all the costs involved: even though you won't be paying rent, you'll still have monthly fixed expenses for the house. It's important to prepare for these. Our checklist will help you meet these financial demands.

First of all: The cost varies regionally and depending on consumption. Therefore, it's not possible to give an exact figure for operating costs. Anyone wanting to know how expensive it might be should contact the relevant regional authorities. If you need assistance, a local real estate agent can provide advice.

Consumption-based operating costs

Typical costs that are based on consumption are:

• Electricity
• Water
• Wastewater and waste disposal fees (billed per cubic meter)
• Telephone and internet fees
• Heating

The older your heating system, the more you'll ultimately pay for electricity, water, and heating. An energy-efficient renovation saves you real money in the long run. Don't be deterred by the high initial investment costs. Government subsidies and grants can make the entire project more affordable. Contact a local real estate agent and an energy consultant beforehand. The real estate professional can help you find the right consultant.

Insurance costs

As a homeowner, there are insurance policies that you absolutely should take out:

• Home and property owner's liability insurance
• Home insurance, supplemented by natural hazard insurance
• Legal expenses insurance

Home contents insurance only makes sense if all movable household items (possibly rare objects) cannot be replaced without significant financial expenditure.

Other operating costs

In addition to the costs already mentioned, there are others:

• Property tax
• Broadcasting fees
• Chimney sweep fees
• Street cleaning fees

Real estate experts recommend setting aside a fixed amount each month for repairs and maintenance. A good rule of thumb is approximately €1 per square meter. The older the house, the more should be saved monthly.

Do you need professional support with questions about your property? Contact us. We'd be happy to advise you.

Notes

For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.

Legal notice

This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.

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