Remember saving up for your first major purchase? Perhaps it was a smartphone. Maybe it was your first-ever car. You save, you plan, you get excited and then finally the time comes when it’s all yours!
Owning something that you’ve worked towards is an awesome feeling, but it’s important to realise that many major purchases in life come with ongoing costs, which you might not be aware of initially.
When you realise your Aussie dream of home ownership, you won’t be wasting your money on rent anymore (yay!), but you will have some costs that arise each year.
So to save you from any unexpected financial pressure – here’s what you need to know about life after property ownership.
Like any investment, you’ll want to safeguard your home. As you’d imagine, the cost to insure a house is significantly higher than the cost of covering a car. Make sure you shop around, and review/compare your policy once a year.
If you build a new home, strata fees won’t apply to you. However, you’ll most likely have to pay ongoing Strata Fees if you buy a flat, apartment, villa or unit. They cover the cost of the common areas like driveways, gardens, lifts, pools and gyms. Depending on the size of your complex and how many facilities it has, Strata Fees can be as little as $200 per quarter, or up to around $2000 per quarter.
Rates and Utility Bills
Depending on where you’re moving to, first home buyers (Perth) can expect costs for electricity, gas and water to possibly be higher, depending on the location. You’ll also be up for council and water rates, which are big bills! They usually arrive once a year, and often have a quarterly payment option.
Maintenance and Repairs
While it’s great to have the landlord off your back, one small downside is that you can’t call them anymore when something breaks or starts leaking! Interior and exterior maintenance costs both time and money. Expect the unexpected, like replacing or repairing the roof, fixing loose tiles in the shower or even removing an overgrown or dead tree! While you may not have the landlord on speed dial anymore, simply dialing ‘dad’ instead can usually get most things sorted!
While buying a home can cost a little more than you’d initially think, it’s a solid financial investment in which you’ll create many lasting memories!
And if you’re after a builder to look after you every step of the way, here’s a couple of things you can expect when building with Easystart Homes!
• They’re often referred to as the “best builders in Perth”! Click here to find out why
• They can help you out with home finance, making the process even easier
• They specialise in first home buyers (Perth)
• They offer turnkey homes
• …and have an exciting range of house and land packages!
Easystart aim make things easy for first home builders – from finance through to building! Call them today on 6555 7549.