Bills you have to pay when owning a house

Owning a home involves several ongoing costs beyond the purchase price. New homeowners must budget for these significant expenses to manage their property effectively.

Key bills include:

- Mortgage repayments, the largest expense.

- Home insurance, which is required by lenders.

- Utilities like power, internet, and sometimes water.

- Council rates to fund local services and amenities.

- Maintenance and repairs, for which budgeting 1% of your home's value annually is recommended.