Be prepared for the costs of owning a home

If you’re making the shift from renter to home owner, you’ve probably researched the best home loan options, and have an idea of your mortgage and loan costs. But what about the ‘hidden’ costs of owning a home?

Depending on the age, location and condition of your home, here’s the top five home ownership costs to factor into your budget.

1. Maintenance

Preventing expensive problems starts with maintenance and committing to jobs like:

  • regular carpet cleaning
  • maintaining pools and outdoor areas
  • touching up paintwork and oiling decks
  • cleaning gutters and checking for roof damage to prevent water damage
  • mowing, gardening and pruning trees
  • keeping fences in good repair.

You could do some maintenance yourself, but if you’re time poor, getting help from professionals is cheaper than letting things slide.

2. Rates

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.

3. Water

Every drop of water costs money, but there are simple things you can do to keep your water bill down. Try:

  • water-saving taps, showers and dual flush toilets
  • replacing worn washers in taps and showers
  • using drought tolerant plants in your garden
  • installing a rain water tank for the yard.

4. Repairs

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.

5. Insurance

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.

Talk to us 

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.

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First Home Buyer

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