Common home expenses include financing, maintenance and household costs. Home expenses may be categorized by monthly amounts such as when mortgage payments are due. A home expense may also be completely unexpected, such as the hot water tank suddenly being beyond repair and a new one required. While some major household expenses are products such as new flooring, others are services such as plumbing repairs.
Services that are home ownership expenses are usually done to maintain the condition of the house. Having the exterior of the house cleaned or installing more efficient drains in the basement are examples of this type of home expense. One of the most important and major maintenance home expenses is replacing the roof because it not only protects the structure of the house, but also guards against damage to the interior contents. Home maintenance expenses are crucial in maintaining property value and return on investment (ROI). Sometimes, stump removal or tree branch cutting are needed to protect the grounds the house is built on.
Products used to upgrade the home can also add to property value in case of resale. Home improvements made to the kitchen and bathroom can especially increase the worth of the house as far as future buyers are concerned. These home expenses may be major such as replacing floors and cabinets or they may be less costly decorating improvements such as adding new wallpaper or paint. In some countries, expenses made that increase property value are tax deductible as long as there are receipts to prove what was purchased.
Other products typically purchased to run a home include washers, dryers, dishwashers and refrigerators. Depending on the life of the appliance, some homeowners may buy or replace these items more or less frequently than other people. Equipment used to maintain a household or yard such as vacuum cleaners, rug shampooers, lawn mowers and snow blowers could also be included in the category of common home expenses.
Mortgage or loan payments are extremely common home expenses. There are different kinds of mortgages with varying payment schedules and interest rates. Property taxes could also be considered a home expense. Home insurance is an important expense as it helps protect investments in the property in case of theft. Homeowner's insurance not only protects personal property, but also covers his or her liability and the building itself. Different insurance policies vary in their exact coverage, but home insurance is considered a crucial house expense.