Homeowner Responsibilities You May Not Have Thought About

Owning a home means planning for regular bills and unexpected work as well as the purchase price. A simple annual budget can make those responsibilities easier to manage.

List ongoing expenses

Allow for council rates, water charges, insurance and maintenance. For strata property, review levies and any proposed special contributions. Keep reminders for due dates and review the budget when costs change.

Understand the insurance arrangement

Ask your lender what cover it requires and when. For an apartment, check the strata building policy and what you need to insure separately. Read the policy limits, excesses and exclusions; insurance does not cover every possible event or replace a maintenance budget.

Keep funds for repairs

Set aside money for the age and condition of the home rather than assuming the next year will be trouble-free. Obtain quotes for larger jobs and use qualified tradespeople where required. Keep records of inspections, invoices and warranties.

Use inspections as one part of the assessment

A pre-purchase report can identify important issues, but has a defined scope and limitations. Ask the inspector what was inaccessible and whether further specialist checks are needed. After moving in, respond to new faults rather than treating the original inspection as a continuing guarantee.