Many people only consider the actual costs of house construction, which we discussed in the article How much will your new house cost to build. But once the house is finished there are other costs to consider. These costs could make your new dream home unaffordable. It’s important to consider the ongoing costs of the house after the construction work is complete. Making the right decisions when designing your new home could reduce some of these costs.
Running and ongoing costs after your house construction is finished
The running or ongoing costs of your new house could include:
Conclusion - how you can lower the running costs of your new home
It's important to consider the ongoing and running costs of your new house in conjunction with the costs to build or renovate your house. Sometimes spending a bit more during construction, perhaps selecting materials that don't require maintenance, or more hard wearing and durable finishes, could save money later. Fitting security features will reduce your insurance premiums. Installing solar panels and water recycling systems will reduce utility bills. Installing energy saving devises, passive heating and cooling systems, and even orientating the house correctly will reduce your energy and heating bills.
But, sometimes the rates, insurance premiums and estate costs (levees) may just be too expensive. In this case you may have to consider building elsewhere where the rates are lower, or it may be necessary to build a smaller house, which is cheaper to build so the monthly loan repayments are less. A cheaper house also usually means lower rates and cheaper insurance premiums.
Don't wait until you are living in your dream home to find that it's not affordable. Rather work out all the ongoing and running costs at the outset of your project, when you can still do something to reduce the bills.
For more valuable tips and advice read: Build and Renovate Your Home With Your Eyes Wide Open.
This is an extract from: 'Build and Renovate Your Home With Your Eyes Wide Open' by Paul Netscher. Available in paper or eBook from Amazon.com, Amazon UK, Amazon CA, Amazon AU and all online bookstores. To read more
© 2019 This article is not to be reproduced for commercial purposes without written permission from the author.
I’m a construction professional, author of several successful construction management books, and a home owner. I’ve made mistakes in construction management, I’ve seen others make mistakes, but importantly I’ve had multiple successful construction projects and I’ve learned from the mistakes. I want to share these lessons and my knowledge with you.