Building a home is a big commitment. It is the chance to create a space that is truly yours.

1. The True Cost of Owning a Home: Monthly and Annual Expenses
McCarthy Homes
Address: 344 Bilsen Road, Geebung QLD 4034
Phone Number: (07) 3326 6600

2. The purchase of a home involves more than just paying the agreed upon price. There are plenty of other costs involved that first-time homeowners need to know about when creating their budget plans. Apart from the initial costs, there are also monthly and annual expenses involved in the maintenance of a home.
Here is a rundown of the typical monthly and annual expenses encountered by most first-time homeowners:
House and Content Insurance
Homeowners need to insure their home and make sure cover starts the day they take ownership. Coverage should extend to all items found inside the property. Home insurance serves as protection in case something unfortunate happens to the house. The insurance company will help restore the house to ‘as-new’ condition, regardless of how old it is.

3. It is best for homeowners to look for a good deal or those that offer flood and earthquake protection. A package deal with house, contents, and car insurance is always a good choice.
Repairs and Maintenance
It is important to keep up with the maintenance and repairs to keep costs down and improve the value of the home. Allotment should be made for work like roof replacement, painting, or furnace upgrades. The costs may also tend to increase as the house ages.
Homeowners need to allot money for maintenance every year. It is also important to be prepared for unforeseen and emergency events. Other maintenance activities include investigating cracks found in the window, getting carpets cleaned regularly, and cleaning air conditioning filters.
Utilities
Depending on the location of the house, the cost for gas, electricity, and water could be higher. Homeowners will also need to need to pay for rubbish collection, along with bills for the phone and Internet. It is best to implement energy conservation measures to keep utility costs down.

4. Body Corporate Levy
Corporate levies are fees imposed on those who choose to purchase a flat in a complex or condominium unit. This is the owner’s contribution to the expenses of maintaining the vicinity and the common areas. Homeowners can ask the real estate agent about the exact amount for this. Apartment owners also need to follow the body corporate rules and regulations.
These costs should not discourage people wanting to own their new home. These expenses are bearable and can be managed with proper money handling. The most important thing to do is include these expenses in the monthly budget and strive to save more money.
Resources:
http://www.mccarthyhomes.com.au/
http://finance.ninemsn.com.au/pfproperty/buying/8126010/the-hidden- costs-of-buying-property
https://www.ato.gov.au/Business/Deductions-for-business/Repairs,- maintenance-and-replacement-expenses/