How nice, finally living on your own! In addition to gratitude, this can also entail some stress because some costs will be added. The trick is to handle this carefully. You may need some help with this. In this article you will find out what the fixed costs for an owner-occupied home are and how iBilly can support you with this. Read on quickly.
What are my fixed costs for an owner-occupied home?
Fixed costs for owner-occupied homes can vary, but often involve the same costs. First of all, as soon as you have bought your home, you have to deal with mortgage payments. The monthly costs are divided into two parts when we talk about an annuity or linear mortgage. Namely ‘mortgage interest’ and ‘mortgage repayment’. There are also additional taxes when buying a house. This concerns the following costs:
- Income tax
- Property tax
- Municipal and water board taxes
Then it is important that you do not forget the insurance! The most general insurance is home insurance. This insurance is aimed at damage such as fire, flooding and burglary. Term life insurance is also often required. Finally, taking out home contents insurance, liability insurance and legal assistance insurance is a smart choice.
In addition to these fixed costs for an owner-occupied home, there are also costs that can be determined more freely. Consider, for example, the gas/water/electricity costs. In general, this will be fairly similar, but there is often still some difference between the providers. This also applies to internet / TV / calling costs, you will most likely have to pay those as well. One provider is not the other of course, so that can certainly differ from each other! The last cost item is maintenance costs, which can be very variable. Therefore, always make sure that you have a piggy bank that can possibly absorb these costs.
iBilly provides structure
But, how exactly can iBilly help you with this? In any case, the first step has been taken. You are now aware of which fixed costs belong to an owner-occupied home. Then you can roughly estimate whether you have the budget for an owner-occupied home. Next up is the next part: structure. Finance matters are quite important and if you don’t have this in order, especially with large amounts such as a home for sale, it can turn out badly. iBilly can help you with the app by structuring your income and expenses. You can also set personal savings goals here. Discover your new (digital) housekeeping book and go for a financial overview!
Download iBilly directly for free. Our app is completely safe using highly secured connections. In addition, we comply with all privacy and security legislation. As a result, you can use our app with a sense of familiarity. If you prefer to use one of our subscriptions, that is also possible. We are happy to assist our customers and help you quickly with questions. Feel free to contact our customer service.