Many of us don’t know, forget or do not think about the expenses that come with owning a house, yet they can add up. I decided to list most of them (everything I could think of) as a reminder of what’s involved in owning a house.
So there are expenses of purchasing a house, as well as expenses of owning and maintaining it.
House buying expenses:
- Inspection: building (to check that there are no terrible flaws in the house) and pests (such as termites)
- Transfer of the property (legal fees)
House owning expenses:
- Mortgage interest
- Mortgage insurance – to cover the lender
- Council taxes (Property taxes) – general rates and rubbish collection
- Body corporate (Homeowners’ association) fees
- House maintenance – repairing, replacing and renovating costs
- Utilities – Gas, Electricity, Water, Sewage, Gardening (lawn care, etc), Phone, Cable TV, Internet
- House insurance – to cover the house/ its contents, in case of earthquake, flood, fire, burglary, etc.