list of bills to pay when owning a house

You will need to pay yearly or quarterly rates to your local council. This amount can also increase from year to year. Depending on the type of property, this could be anywhere from $15 per week for a small building with few shared amenities, through to $200 per week or more for a higher end property. This fee assists with the general maintenance of the complex and any shared areas. If you’re buying into a complex managed by a body corporate, there’ll be a regular body corporate fee to pay. Read more on five things you should know when buying your first home. Also be aware that if you are on a variable rate mortgage, you will need to allow for fluctuations to your loan repayment.Ī mortgage broker can assist you in finding the appropriate mortgage to suit your needs from all those on offer in the market. While this seems like an obvious cost, consider whether the monthly repayments are something you will be able to afford long term in line with future plans which may alter your finances, such as starting a family. InsuranceĪs a home owner, insurance is a must and you should factor in this monthly cost when preparing your budget and assessing whether you can afford a property long term.Īs well as home and contents insurance you may need to get lender’s mortgage insurance, mortgage protection insurance and – if you plan to rent the property out – landlord insurance. Here are some of the ongoing costs you need to consider when buying your first home. You may know what your monthly loan repayments will be, but have you accounted for all the other ongoing costs to realistically determine if you can actually afford a property in the long term?

If you’re saving up to buy your first home, it’s easy to get so focused on saving for your deposit that you can overlook the costs that will come after you’ve secured your home.

List of bills to pay when owning a house