The monthly utility estimate for a home can go up very quickly. Indeed, cost evaluation includes many parameters to take into account. Here are the different criteria you need to look at to make good monthly estimates.
In the monthly estimate, the amount of the various property taxes must be taken into account. They will include school fees payable in several payments and municipal and sector ones. However, the latter will vary depending on the municipal tax. It should only be paid by the inhabitants of a given sector and especially over a given period. Finally, generally, the budget for owner taxes is around 4,500 euros.
Electricity, gas, and heating costs
In the monthly estimate of a house, you must also consider everything that includes the costs of electricity, gas, and heating. These amounts will vary depending on the size of your home, its location, and how you will use it. To have a precise budget, it is advisable to ask to see the different heating, electricity, and gas accounts. It is also the best way to have an estimate of your energy consumption. However, the annual amount can quickly rise to 1,500 euros.
To the previous criteria, you will have to add those concerning the costs of the Internet, cable distribution and telephony. The budget here will depend on the service you have subscribed to and the region in which you are located. In addition, you will have to add additional fees depending on your ease or not in having certain services. Annually, the budget could cost you close to 1,200 euros.
Home insurance and renovation insurance
When you buy a property or rent a house, home insurance becomes mandatory. Its price will therefore depend on:
- the type of house,
- the type of neighborhood,
- of the city and
- proximity to a barracks.
Your home insurance costs can amount to almost 700 euros a year. Regarding home insurance, you should know that a house involves sustained maintenance. In addition, you may need to do some work. In this case, the renovation insurance can cost you nearly 4,000 euros per month depending on the planned restorations.
Condominium fees and RRSP reimbursement fees
You must also consider the condominium fees and the RER reimbursement fees. The latter only applies to undivided, divided co-ownership and so-called townhouses. They will vary not only depending on the cost of maintenance, but also on the location and the services included. The annual price is around 2,400 euros.
Regarding the RRSP, the Home Buyers’ Plan facilitating the purchase of a first home, you can withdraw your down payment there. However, you will have to repay it after a maximum of fifteen years. That said, it is advisable to proceed with the payment as soon as possible in order to avoid additional costs. In addition, the repayment of the RRSP can cost you a little over 1,400 euros per year.
All in all, all of these parameters are important in the monthly utility estimate for a home.