Depending on the age, location and condition of your home, here’s the top five home ownership costs to factor into your budget.
Preventing expensive problems starts with maintenance and committing to jobs like:
You could do some maintenance yourself, but if you’re time poor, getting help from professionals is cheaper than letting things slide.
Council rates are a fact of life for home owners. They’re based on the value of the land, not including the house. So, a beachside fixer-upper could have a higher rate bill than a new suburban home. Quarterly rates notices may also include levies and special charges applied by your Council.
Every drop of water costs money, but there are simple things you can do to keep your water bill down. Try:
Even though proper maintenance should help keep repairs to a minimum, they’ll be needed at some point. Some repairs will be covered by insurance, and some minor repairs you could take on yourself. But issues with plumbing or electrical items like hot water systems, ovens, air conditioners or dishwashers mean calling a tradesman.
As part of most home loans, you’ll need home insurance for the full cost of replacing your home. Look for a policy covering as many scenarios as possible, and make sure you understand the fine print and what isn’t covered.
We'll help you understand the costs of owning your own home and home loan choices. Contact QBANK or call us on 13 77 28.
Following the decision by the Reserve Bank to reduce the official cash rate for the second time in as many months, QBANK will reduce interest rates on its already very competitive variable rate home loan products for owner occupiers and investors by 0.20% per annum. Mortgage secured overdraft rates will also be reduced by 0.20% per annum.
If you want to teach your younger children about money, helping them set up their own bank account is a great start.
Buying a house is the biggest investment most of us will ever make. Don’t be afraid to ask your agent the hard questions before you sign up for a new home or investment property.