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Buying your first home is an important milestone — your new place is more than just somewhere to live, it’s also a valuable asset. So, it makes sense to keep your home in great shape with regular maintenance.
Annual Home Maintenance Costs
We break down costs associated with owning your own place
Home maintenance costs
Having a list of regular jobs to do and a maintenance calendar can help you keep track of the chores that need to be done weekly, monthly, quarterly, or even annually.
Some jobs demand a little more than your own elbow grease. But some tasks come with maintenance costs that you might want to slot into your home budget. Putting these tasks off for a long time could lead to further costs down the road.
Cleaning
Keeping your home clean doesn’t just make it look nicer, it’s also important from a hygiene perspective. Without regular cleaning, unhealthy germs and bacteria may build up and quickly make your new home unpleasant.
Along with the obvious areas to clean like floors, the kitchen and bathroom, it’s worth cleaning appliances like fridges and air conditioning units so that they run efficiently.
If you’d rather pay to have your home professionally cleaned, you could expect to pay around $20-50 per hour depending on the number of people and what services you require.
Gardening
There’s something rewarding about nurturing a garden that is all your own. Gardening is one area where regular maintenance could spare you a much bigger tidy up later on. Pruning, weeding, mowing lawns, and fixing loose fence palings are all fairly straightforward tasks that won’t cost much if you have the basic equipment, like a lawnmower and some basic tools.
If you love the garden — but don’t love the idea of maintaining a yard — you could hire a professional gardener for an average of $45 per hour, depending on the service provided.
Pool management
A backyard pool is a lot of fun however it may also be a lot of work — even in winter when you’re not using it.
Running the filter regularly could help to keep the pool water clean, but the pump may be your home’s single biggest user of power, accounting for about 16% of energy use. It could cost between $800 and $1,200 to run the pool pump each year — an expense you might want to budget for!
Pools also tend to be water guzzlers, and not just from splashing around. On hot days, up to 300 litres of water could evaporate from your pool — that’s may add to your water bill. Investing in a pool cover can reduce evaporation and help to keep your pool clean.
You’ll also need to allow for the cost of chemicals needed to keep the pool water clear and healthy. If it all sounds like hard work, you could consider hiring a professional to take care of the pool for you. A regular visit could cost upwards of $50 per hour.
Other ongoing costs people forget about
Home maintenance can be a labour of love for first homebuyers. But along with the cost of providing some tender loving care to the building, there are also other ongoing household costs to plan for.
Council rates, strata levies, and body corporate fees
As you settle into your new home, a range of bills may start to come your way that you don’t have much say in. Some common bills faced by homeowners include council rates for houses, or strata levies, and body corporate fees if you buy an apartment.
Council rates are typically based on the value of your place multiplied by a rate set by the local council. The council could revalue your home from time to time, and so your rates can vary from one year to the next. Your contract of sale or a statement by the vendor should outline these expenses, so you’re aware of what to budget for.
Water rates
How much you’ll pay in water rates depends on the provider you have, but the cost is usually made up of a fixed charge plus extra for the water you’ve used.
You could save on the variable component of your water rates by installing efficient appliances, water-saving fixtures like showerheads, and by fixing leaks or dipping taps around the home.
You may be able to save some money in your monthly budget by shopping around for a better deal on your utilities. While your water rates might be pretty set in stone, your power bills can sometimes differ between different providers. Every dollar you can save on unnecessary spending is extra money that could help you enjoy your first home without having to scratch for cash.
