5 unexpected costs associated with owning a home
Discover the hidden expenses of homeownership, from ongoing maintenance to unforeseen fees.
Whether you’re a first home buyer, or a seasoned property owner, buying a home is one of the biggest purchases you’ll make. Owning a home can come with unexpected costs – here's five to consider.
General maintenance
Regular maintenance tasks are necessary to keep your home in good condition and to avoid wear and tear. Maintenance can happen at any time and should be budgeted for. Some of these include:
- Cleaning gutters
- Servicing heating, ventilation and air conditioning systems
- Routine upkeep
- Pest control
Breakages, repairs or upgrades
Owning a home comes with occasional breakages and repairs – these can happen over time, or quite suddenly. Some minor repairs can be done yourself, but for larger issues, you may need to hire professionals, which can be costly. Some examples include:
- Roofing & tiling
- Heating, ventiliation and air conditioning systems
- Plumbing
As your home ages, the costs associated with these repairs may build up.
Renovations
If you’re buying an existing home, or have lived in your home for a number of years, you may be considering renovating. Renovations require planning and a budget, as they can be significant expenses. Renovations include:
- Updating the kitchen
- Remodelling the bathroom
- Repainting the home
- Reflooring your home with different materials
Remodelling
While renovations focus on the aesthetics of your home, remodelling involves changing the purpose or structure of a space. Homeowners may consider remodelling if you’ve outgrown the space, want to change the layout of a room or want to alter the floor plan. This can be a labour-intensive and expensive process, often requiring professional assistance and significant budgeting.
Property taxes
In some regions, homeowners may be subject to additional property taxes, such as land transfer taxes or capital gains taxes when selling their property.
Over time, these costs can add up, especially when you haven’t budgeted for them. Learn more about costs associated with buying a home, and tackling the process here.
