Monday, May 8, 2006
Category:
Personal Finance Tips
The average cost of running a modern day home has overtaken the £10,000 mark, according to recent research.
Latest figures, published annually, indicate that homeowners spend around £10,048 on running their house, taking into account the cost of mortgage repayments, bills, insurance and repairs.
The research, carried out by Sainsbury's Bank, found that costs had significantly increased over the last two to three years, with mortgage repayments taking up a huge59 per cent of the costs.
Alterations and improvements accounted for 13 per cent, while council tax and gas were close behind.
However, shopping around and switching products can help to save money, while to help finance the cost of running a household, homeowners may want to consider taking out a secured loan.
"The costs involved in running a home are rising," Karen Preston, home insurance manager at Sainsbury’s Bank explained, on April 3rd 2006.
"This makes it all the more important for homeowners to shop around in order to make sure they are getting the very best deals available, not just on home insurance but the collective running costs, everything from your mortgage to gas supply."
