Things to Consider When Buying a New Home
Did you know that, on average, buying a home means having to pay higher utility bills? According to data from the Bureau of Labor Statistics, each year homeowners end up paying thousands more for utilities.1 These numbers are estimates calculated from national census data.
Average annual housing expenditures2
- Mortgage interest and charges - $8,202
- Maintenance, repairs, insurance and other expenses - $1,689
- Utilities - $4,314
- Natural gas - $538
- Electricity - $1,654
- Telephone Services - $1,289
- Water and other public services - $631
- Household operations - $1,230
More square footage means the heating and air conditioning system will need to work harder to heat and cool your home, which will in turn require more electricity. Other things to consider are additional expenses each month, such as trash pickup service and water service. Whether monthly expenses, such as trash fees and water bills, are covered by the landlord or not varies. Below we’ve included some things new homeowners should consider in order to help keep electricity costs low.
Carefully Plan for Your Electricity Bill
To get a cost estimate of what your electricity bill will look like, you can use the Bill Estimator tool.
Seasonal Bill Fluctuations
Aside from the house itself, you may experience increases or decreases in your electricity bill based on the weather and season. For example, people tend to have higher bills in the winter as they use the heater to stay warm, and higher bills in the summer, as well as they, turn on the air conditioning.
Moving to Texas
If you are new to Texas, you may soon realize that utilities in Texas can be up in the air depending on the city you move to. This is because part of Texas has a deregulated market whereas other parts have utility monopolies. Generally speaking, deregulated markets are more expensive than cities that have monopolies but the good news is that even deregulated markets have become more affordable for customers and are continuing to move in that direction.3