What are the ongoing costs of owning a home, such as rates and insurance?
Extra costs you will incur as a homeowner include homeowner’s insurance, which all banks require you to have. Then, you’ll also pay council rates, and an apartment will have strata fees. Council rates go towards funding maintenance and improvements in your community for fixing potholes in the roads or building parks. Strata fees are for your apartment building and common areas, like replacing carpet in the hallways or mowing lawns. Set a budget for your ongoing home maintenance and repairs. Once you own your property, you may also have repairs such as your water heater or dishwasher.