Buying guide
Bills you have to pay when owning a house
You’ve done the hard part and bought property – these are the costs you’ll need to cover now that you own
AI summary
Owning a home in New Zealand involves several ongoing costs beyond your mortgage repayments. Budgeting for these regular bills is crucial for new homeowners.
Key expenses include:
- Home insurance, which is required by most lenders.
- Utilities such as power, internet, and sometimes water.
- Council rates to fund local services, calculated based on your property's value.
- Maintenance and repairs, which can average 1% of your home's value annually to keep it in top condition.
Mortgage repayments (obviously)
Home insurance
Utilities
Get your wallet out, because owning a house isn't cheap!
Rates
Maintenance and repairs
Author
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