Desde la luz hasta la hipoteca, pasando por el seguro de hogar, el IBI o los imprevistos son muchos los capítulos que debes contemplar entre los gastos fijos de una casa antes de embarcarte en el proyecto de convertirte en propietario. 

Becoming a homeowner is the dream of many ordinary people. However, talking about buying a home means talking about the monthly expenses that come with it. Although there are subtle differences, most of these expenses are common, though the amounts can vary depending on different factors. Taxes, utilities, unexpected expenses… Beyond the mortgage, there’s a whole list of payments that can threaten your household budget if, before buying, you don’t calculate how much your monthly budget for fixed housing expenses will be.

To make things a little easier for you, we’ve compiled a selection of the most common payments for any type of home in this guide . Take note!

The Starting Point

The first thing to keep in mind is that the monthly expenses for a home occupied by one person are not the same as those for a home occupied by two people (or an entire family). Similarly, the monthly expenses for an apartment are not the same as those for a single-family home.

Although a household’s fixed expenses may be the same (mortgage, taxes, electricity, water…), the number of residents will directly affect consumption, primarily in terms of utilities. The same is true for the size or type of home. Heating a 90-square-meter apartment is not the same as heating a^{300-square-meter} two-story house. Furthermore, paying the bills alone is not the same as splitting them between two people.

And that’s not all. Issues such as home insurance and taxes can also be affected by the type of home you choose, and this is something you should consider—even if it isn’t listed among the key points in your guide to buying a home.

Monthly Household Expenses

As you can see, the monthly expenses for a home can vary significantly depending on how many people live there or the type of property in question. But beyond these nuances, here are some of the main expenses you should consider.

Mortgage

Unless you’re able to buy your home “outright”—that is, by paying the full price of the property at the time of the transaction—you’ve most likely had to rely on outside financing. The mortgage payment is by far one of the most common monthly expenses associated with owning a home, although the amount can vary greatly.

Rather than focusing on the differences in monthly expenses between an apartment and a house, the key lies in the property’s price; factors such as size, age, and location can directly affect the investment and, consequently, the mortgage. In any case, experts recommend that the monthly payment should not exceed 30 or 35 percent of the household’s monthly income.

Homeowners’ Association

The homeowners’ association fee is another monthly expense associated with owning an apartment. Of course, if you live in a detached house or a home in the mountains, this fee doesn’t apply to you. The homeowners’ association fee covers the maintenance costs of common areas and varies greatly depending on factors such as whether there is a concierge service, a pool, a garden, or garages… The amount depends, in each case, on the ownership share, which, in turn, is based on the square meters of the home.

Supplies

As we mentioned earlier, this is one of the areas most affected by the number of people living in the home. These monthly expenses look very different for a single person than they do for a family of six. No matter how many energy-saving strategies you implement at home, your electricity bill will always be higher the more people there are in the household. The same goes for other monthly household expenses, such as water and heating. That said, when it comes to internet service, the price doesn’t necessarily change, and it’s always easier to cover all the fixed utility costs when there are just two of you.

Taxes

• IBI

What is known as IBI is simply the Property Tax, a tax that every property owner must pay. It is calculated based on the property’s assessed value, to which a coefficient set by local municipalities is applied. Generally, for urban properties, these coefficients range from 0.4% to 1.3%.

• Garbage Collection Fee

This is another of the most common taxes, although the garbage collection fee—which is also set by local municipalities—is not charged in all areas. Another important point to note is that if you bought your home to rent it out, the tenant—not you—is responsible for paying this tax.

Home Insurance

If you own a home, you have a treasure, and as such, you’ll want to protect it against any eventuality. Taking out home insurance is not only highly recommended but, if you’re applying for a mortgage, it’s mandatory. In any case, it’s the best way to ensure you’re protected against any unforeseen events: a rise in electricity rates, a moisture stain that seeps into your neighbor’s unit, the theft of your keys… There are many situations you won’t have to worry about, although, as you can imagine, the larger the living space, the higher the premium—or, in other words, there are also differences here between the monthly costs for a single-family home and an apartment.

Food

With inflation at record highs and prices skyrocketing, the cost of groceries is becoming increasingly expensive. However, this is another monthly household expense that you simply can’t ignore. Dietary choices can make a difference, but without a doubt, the factor that most affects the total cost in this category is the number of people in the household. In any case, it’s estimated that, on average, a family of four spends at least between 300 and 500 euros a month on this category.

Contingencies

No matter how carefully you budget all your monthly household expenses, it would be a mistake not to consider the possibility of unforeseen expenses. A washing machine that breaks down beyond repair, planting some flowers in the garden, ordering takeout… Some are necessities, others are treats—these are expenses that add up to your household costs, and for which it’s a good idea to set aside between 5 and 10 percent of your monthly budget.