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.
- 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.
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Hi
Another expnse you should recommend to people is a property valaution to stablish a fair market estimate of the price.
Some unscrupulous vendors and agents will sell substantially above fair market value to people new to the area, or buying from interstate or internationally.
Craig
Evaluator can help you with valautions and pest and building inspections.
[...] a share of purchasing costs (building / pest inspection, legal fees, stamp duty), you can split the costs of owning (council rates, maintenance costs, etc).And now let’s talk about the ways of co-owning. [...]