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The true cost of buying a house.

You’ve been thinking of everything you need from your first home, you’ve made lists and have all the pictures in your mind already, but do you know what your new home needs from you? Yes, there are going to be some needs and costs around the corner, so to save you from being completely blindsided, we’ve put together some important information to prepare you.

Rates, levies and taxes.

These amounts and payment occurrences are all dependant on the type of property you buy but, long story short, these fees are charged for the services provided by your local municipality and/or Body Corporate. These services can include aspects such as sewerage facilities, roads maintenance, street light maintenance and refuse collection.

Insurance

Insurance should never be permissive, it is something you need. You never know what could happen to you, your home, or all your belongings. Having insurance protects you greatly. Having no insurance could possibly lead to you having to fork out a lot more money in the future for replacements.

Utility bills

Electricity and water… Yes, these costs don’t seem like a big deal, but it is always best to make sure you are familiar with these costs so that you don’t surprise yourself with what these bills can actually amount to.

Repairs or maintenance

While some homes are in perfect condition at first glance, chances are you’ll have to do some maintenance and general repairs to make yours feel more like home. Some of these will be essential, others will relate to your own personal taste or budget.

Monthly living expenses

Groceries, toiletries, entertainment… this all needs to be worked into a monthly budget. The best way to keep track of your monthly expenses would be to work out a full budget as this will keep you on track and help you save.

 

Knowing all of the above can genuinely prepare you for the big step, keeping you ahead of the game, and your agent will be highly impressed that you are clued up.

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