Bills you have to pay when owning a house

Owning a home involves several key ongoing costs. The largest is mortgage repayments, followed by mandatory home insurance, which lenders require.

You must also budget for utilities like power and internet, and pay council rates to fund local services. These rates are calculated based on your property's value.

Finally, set aside funds for regular maintenance and repairs—estimated at 1% of your home's value annually—to keep your property in top condition and protect your investment.