Buying a Home? Calculate What It Will Cost You to Live There, Not Just to Buy It
Because the price you pay to buy a home and the price you pay to live in it are two different things.
One property may have high maintenance fees.
Another may have poor insulation and high heating bills.
A third may have no parking space.
A fourth may be so far from your daily routes that you spend more on transport and lose hours every week.
And a fifth may look more expensive in the listing but turn out to be the smarter choice after a few years.
So before buying a home, don’t ask only:
“Can I afford to buy it?”
Ask a second question:
“Can I afford to live here?”
The Property Price Is Only the Beginning
When setting a budget for buying a home, we usually start with our available funds and any mortgage financing we may need.
But once the transaction is complete, the everyday cost of ownership begins.
It may include:
- heating and cooling;
- electricity;
- water;
- maintenance fees;
- building repair funds;
- lift maintenance;
- security;
- maintenance of gardens and common areas;
- a garage or parking space;
- insurance;
- local taxes and fees;
- repairs;
- transport.
None of these costs alone is necessarily a reason to reject a property.
The problem is discovering them after you have bought it.
Ask What Heating Costs in January, Not in May
“The apartment is warm.”
That is an opinion.
The January heating bill is information.
If the owner is willing to provide it, ask for an indication of actual energy consumption during the winter months.
During the viewing, check:
- how the property is heated;
- whether the building has external insulation;
- what type of windows are installed;
- the property's orientation;
- whether there are occupied spaces above and below the apartment;
- whether it is on the top or ground floor;
- how hot water is provided;
- whether there are air-conditioning units and what condition they are in.
Two homes of exactly the same size can have very different running costs.
And you will pay that difference every month.
Check the Maintenance Fee Before Paying a Deposit
This is particularly important when buying in gated residential complexes or buildings that provide additional shared services.
A swimming pool.
Landscaping.
Security.
Reception.
A gym.
Cleaning.
Access control.
All of these can add value.
But they also have a price.
Ask:
How much is the maintenance fee?
How is it calculated?
What does it include?
Can it be changed?
Is there a maintenance agreement?
How long does the agreement last?
A maintenance cost of €100 per month equals €1,200 per year.
Over ten years, that is €12,000 — without taking into account any future increase in the fee.
Annual maintenance costs should therefore be included when comparing properties.
Is a Major Building Repair Coming Up?
You may buy a beautifully renovated apartment in a building that will soon need:
a new roof,
façade repairs,
replacement of vertical plumbing pipes,
a new lift,
or renovation of the common areas.
These are expenses you will not see in the asking price of the apartment.
Ask the seller and the building manager whether any major repairs have already been approved or are being discussed.
Where possible, review relevant condominium or building-management documents concerning planned expenditure.
A brand-new kitchen does not compensate for a roof that needs replacing six months later.
Parking Has a Price of Its Own
An apartment without a garage may be €20,000 cheaper.
At first glance, the choice may seem obvious.
But where will you park?
Will you need to rent a garage?
Will you pay for a parking subscription?
Will you spend every evening driving around looking for a space?
Will your family need two cars because of the location?
A parking space has a financial cost.
But it also has a cost in time.
If you spend 15 minutes every day looking for somewhere to park, that adds up to more than 90 hours a year.
Not everything we pay for a home is measured in euros.
Location Is Part of the Monthly Cost Too
Imagine two properties.
One is cheaper but located 45 minutes from your workplace.
The other costs more, but your commute takes only 15 minutes.
The difference is not simply half an hour.
It may mean:
- more fuel;
- more kilometres driven;
- faster depreciation of your car;
- additional parking costs;
- more time spent in traffic;
- the need for a second car.
And the biggest expense may be your time.
An additional 30 minutes each way means around one extra hour every working day.
Over several years, that amounts to hundreds of hours.
When comparing homes, compare the everyday life that comes with each location as well.
A Cheap Property in Need of Renovation May Not Stay Cheap
“We’ll renovate it gradually.”
Sometimes that is an excellent strategy.
But first you need to know what “renovation” actually means.
Painting the walls and installing new flooring is one thing.
Replacing:
- the electrical installation;
- plumbing;
- the bathroom;
- windows;
- heating;
- the kitchen;
- flooring;
- interior doors
is something entirely different.
Prepare an approximate renovation budget before buying the property.
And include a reserve for unexpected work.
Then compare:
property price + required renovation
with
the price of a comparable move-in-ready property.
The result may surprise you.
New Construction Comes With Future Costs Too
A newly built property does not automatically mean:
“I won’t have to spend anything else.”
Check what you are actually receiving.
If the property is delivered unfinished, you will need to add the cost of completing and furnishing it to the purchase price.
If you are buying in a residential complex, check the future maintenance costs.
If the parking space or garage is sold separately, include it in your total budget.
Also check what warranties apply to the construction work and what procedure is followed if defects appear.
An Older Property Does Not Necessarily Mean Higher Costs
Do not automatically reject older buildings.
A well-maintained building with a repaired roof, upgraded installations and a properly renovated apartment may offer more predictable costs than a newly built property requiring substantial finishing work.
The age of the building is only one factor.
What matters more is:
what condition is it in today, and what will it require tomorrow?
Create a “12-Month Budget” for the Property Before Buying
This is one of the most practical ways to compare two homes.
For each property, estimate:
Mortgage payment
- heating and electricity
- water
- maintenance
- parking
- insurance
- local taxes and fees
- reserve for repairs
- transport
Then multiply the monthly expenses by 12 and add the annual costs.
Now you are no longer comparing two property listings.
You are comparing two lifestyles and their real cost.
How Can Dealehome Help During the Initial Search?
Not every future expense can be identified from a property listing.
And no listing can replace checking the documents, the building itself or the specific agreements connected with the property.
But the more important characteristics you know in advance, the fewer unsuitable properties you will need to investigate later.
This is where Dealehome’s structured property search can have practical value.
Filters and property characteristics allow you to narrow your search according to what genuinely matters to you.
The map can help you evaluate the location in relation to your daily routes.
Photos show the individual spaces, while video can provide a better sense of the layout even before arranging a viewing.
Direct contact with the owner, agency or developer also allows you to ask specific questions in advance:
How much is the maintenance fee?
Is there a parking space?
How is the property heated?
Are any major repairs planned?
What exactly is included in the price?
Dealehome cannot calculate the cost of living in a particular property for you.
But it can help you reach the information you need more quickly, so you can make that calculation yourself.
The Cheapest Property Is Not Necessarily the Best Deal
Imagine two apartments:
Apartment A: €190,000.
Apartment B: €205,000.
Apartment A appears to be the better deal.
But then you discover that it will cost more to heat, you will need to rent a garage, and you will spend more time and money travelling every day.
After several years, that initial price difference may look very different.
So when buying a home, do not necessarily look for the lowest price.
Look for the best balance between:
price + future costs + time + quality of life.
Because you buy the property once.
But you pay for the way you live in it every day.
Frequently Asked Questions
What Monthly Costs Should I Check Before Buying a Home?
Check the approximate costs of heating, electricity, water, building or complex maintenance, lift maintenance, parking and other recurring services. Depending on the property, there may be additional regular expenses.
How Can I Find Out How Much Property Maintenance Costs?
Ask the seller or building manager what ongoing fees are currently paid and what they include. If the property is in a residential complex, also check the maintenance agreement, how the fee is calculated and the terms that apply.
Should I Check for Future Building Repairs?
Yes. Planned repairs to the roof, façade, lift, installations or common areas can result in significant additional costs after you purchase the property.
How Can I Compare the Real Cost of Two Homes?
Do not compare only their purchase prices. Prepare an approximate annual budget for each property, including financing, utilities, maintenance, parking, transport and expected repairs. Then consider the time and convenience associated with each location as well.
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