Carrying out regular maintenance of the most common services in our house will make it more functional, comfortable, and safer. This is currently more important than before as we spend more time at home than we used to since the appearance of COVID-19. In this month’s newsletter, we will look at the difference that this maintenance will make depending on if you are an owner or a tenant. We will talk about the fixed and variable expenses that need to be taken into account and we will have a quick look at taxes and bills. In short, we will talk about the maintenance of the whole household regardless of your situation, owning or renting.
We are often not aware of the maintenance our house needs and we only see what is broken or damaged. Undertaking regular maintenance can help us save money and avoid collateral damage, as well as the fact that a well-kept house will increase in value in case we want to sell it or rent it.
What is the maintenance of a house?
Indeed, things don’t last forever, however, if they are well-kept, they can last much longer. It is not about undertaking electrical jobs in the house when you do not have any knowledge. It is about carrying out simple tasks that anyone can do, such as changing lights or a lamp.
We are talking about changing broken glass in windows and doors, replacing old roof tiles, fixing the cracks or unevenness in the paved entrance, changing old taps, or fixing a damaged banister. These are only a few examples of some of the simple tasks that can improve the inside of the house.
Your home does not look after itself on its own. Therefore your monthly budget should include funds for the regular maintenance of the house its garden and repairs. Housing experts recommend putting aside every year between 1 to 2% of the current value of the house to cover the expenses of repairing and maintaining your house. Even if there is no need for these funds if your house is new, they will accumulate and it will help you meet future big expenses such as fixing or changing the roof or getting new a heating or air-conditioning unit.
¿Cada cuánto tiempo debemos realizar el mantenimiento de la vivienda?
The sooner the better. Maintenance on time will prevent further damage and avoid bigger repairs. Experts recommend doing an extensive revision of your house and garden every 6 months.
Make a list of all the possible repairs or cleaning tasks that you observe and assign to them a value according to their level of importance. You should also consult experts in the trade as to what needs to be done and to find out the cost of that repair so that you can plan the maintenance of the whole house without it turning into a real financial burden.
As an overview, these are some of the more common jobs that need to be done in a house, both inside and outside:
- Cleaning roof and downpipes. Now and then it is necessary to clean the roof and keep the gutter and drains free of leaves and obstructions.
- Revision of the draught excluder in windows and doors. Thus you can save heating and enjoy a more pleasant environment.
- Upkeep of the garden and nearby trees. It is necessary to keep the garden in good condition.
- Paint.
- Revision of the electrical wiring.
- Changing the air conditioner filters. They need to be cleaned or changed at least every three months.
- Spring cleaning of the inside of the house.
- Tightening of all screws and nails. Revise now and then the condition of locks, knockers, frames, railings, and any object that is fixed with a screw or nail.
- Maintenance of the kitchen and bathroom. Check the condition of all taps and sinks, showers and toilet drains
- Changing the extractor’s filters so that it extracts correctly all fat and toxic substances from the air.
- Draining the water heater. All the water from the water heater must be drained every year to avoid sediments building up and transferring to the pipework.
- Cleaning of the tile joints tokeep the grout in good condition and free of mold.
- Checking taps. These repairs are essential as they can cause water leaks which would unnecessarily increase the water bill and damage the furniture nearby. It is also important to replace tap filters when the water pressure goes down.
- Check the silicone in all window frames.
- Check all pipework.
- Fix toilet leaks
So,
What is better? To own or to rent a house?
Choosing between buying or renting a dwelling is one of the biggest financial puzzles of adult life. Buying a house means a substantial initial outlay and it requires a long-term commitment. However, it is a versatile investment as it offers endless possibilities when it comes to making your home more comfortable and adapted to your needs.
A suitable property is a guarantee of stability and comfort. Additionally, it allows the exploitation of all the resources available through decoration and organization of the household to the owner’s taste.
Safety is yet another relevant factor to be taken into consideration, as well as the possibility of a revaluation of the property if you wish to sell it in the future.
Recently some arguments to be taken into consideration when making a decision have been the increase in rent prices and the reduction of interest rates on mortgages
Against the stability of buying, renting a property is characterized by its attractive flexibility. It also requires a lower initial investment and a lower investment for the tenant during the validity of the contract as certain expenses and obligations such as taxes, community bills or maintenance of the property are usually the owner’s responsibility.
Besides, the Spanish legislation allows tenants to leave the property any time after the first year as long as they give a 30-day notice, a dynamic and flexible option that is especially aimed at younger clients.
Let’s have a look now at the exact expenses that you have to take into account in a household:
Fixed expenses in a household
It has not been easy, but you find yourself now enjoying your new home. You have dedicated time, effort, and money to achieve it. However, do not put the calculator away yet. You still need to make some numbers to work out how much money you need to cover the fixed expenses of that house.
Indeed, devising a realistic estimate of the expenses derived from a household is essential to be able to live comfortably and without unexpected nasty surprises. Putting aside the cost of buying a property, let’s work out how much will it cost you to live in it. We have summarized the main fixed expenses that entail being the owner of a house.
- Mortgage. The monthly installment of your mortgage will be, without a doubt, the main fixed expense of your house for a very long time (an average of 24 years). It needs to be considered if the mortgage has a fixed or variable rate, as in this case, the installment can be increased in the yearly mortgage revision.
- Neighborhood association (in the case that there is one where you live). The association’s fee is destined to cover the payment of services and maintenance of shared facilities in your building or residential area.
- Council Tax (IBI) It is a direct and obligatory yearly tax calculated according to the rateable value of the property and it is levied by the Local Council. If you live Barcelona Metropolitan Area, you will also have to pay the AMB Tax.
- Rubbish collection Tax. The yearly local tax charges you for the collection, treatment, and elimination of all residues.
- Sewer Tax. This local tax levies the maintenance of the sewer network.
- Home insurance. Multi-risk insurance that would offer coverage against different types of accidents would be ideal.
- Supplies. Amongst others do not forget to include your Internet connection, an essential these days.
- Maintenance and unexpected expenses. Set aside a contingency in your budget for maintenance works or unexpected expenses.
Variable expenses in a household
All the above mentioned are the fixed expenses that you will have to pay, mainly in the case that you own a property. However, you need to add to your budget a few more line items which are classified as variable expenses. These expenses need to be paid even when you are renting the property.
We have already mentioned before that Internet has become a very common necessity in our lives and therefore, even if you have data on your mobile phone, you may want to have Internet access in your new home. Another common commodity is the Video on Demand Platforms such as Netflix or HBO to watch your favorite series or cable television.
Additional expenses that you always have to take into account are clothes and personal belongings shopping or leisure, hobbies, and traveling expenses. In some cases, you could also have to pay private medical insurance, the monthly gym fee, a transport pass or fuel, car insurance, and road tax for your vehicle. Add all these small expenses and add a small line item in your budget for unexpected expenses.
You should ideally be able to control all these expenses or, at least, know where money is going. To reduce the expenses in your house it is advisable to control your eating habits (avoid eating out, shopping when you are hungry or going to the supermarket without a shopping list), restrict the use of transport or your vehicle fuel, limit supplies: electricity, water, gas, internet, cable, etc. (use responsibly) and do intelligent shopping (buy only what you need).
But, could you imagine a house when the energy consumption is zero or almost non-existent? It is possible! Keep on reading
A zero-energy household. Is it real?
You have probably heard of a very interesting concept called passive houses or the ‘Passivhaus’ which is not the same. In our article “A passive house and the ‘Passivhaus’ certificate“, we explain what they are. We invite you to find out more about it.
The main advantages of passive houses are the energy savings, thermal and acoustic comfort, the clean air inside, the reduction of CO2 emissions and volatile organic compounds and, most importantly, the improvement of the occupants’ health and all of this without having to comply with the high standard of construction demanded to obtain the quality seal ‘Passivehaus’, but still achieving an important saving.
Do not hesitate to consult our experts if you have any further questions.
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