Maintenance and Repairs

Experts recommend budgeting 1–3% of your home’s value each year for maintenance. That means £3,000 annually for a £300,000 property. From roof repairs to appliance replacements, preventive care is cheaper than neglect.

Property Taxes and Insurance

These vary by region but often rise annually. Home insurance protects against fire, theft, or damage, but optional add-ons like flood coverage can increase costs. Review policies yearly to avoid overpaying or being underinsured.

Utilities and Upgrades

Owning means paying for all utilities directly — including services once split in rentals (trash, water, maintenance). You’ll also face ongoing expenses for improvements that maintain property value, like repainting or landscaping.

Reserves for Emergencies

Unexpected costs — from burst pipes to boiler replacements — can quickly escalate. Keeping a dedicated home repair fund prevents dipping into savings or accumulating debt.