The hidden costs of owning a home

You have decided to enter the property market for the first time - but what next? Buying a house is a big financial commitment, and can be a lengthy exercise. Do you know the actual cost of owning a home?

Before committing yourself to owning a home, you should investigate all the hidden costs of home ownership. Owning a home is a lifelong commitment. Make sure that it really is an investment that you can afford and reap the benefits of and not a burden that will ultimately result in losing all other assets and damaging your credit score.


First see if you can save at least 10-20% of the deposit, before buying a home. As a general rule of thumb, if you cannot afford or are not disciplined enough to save for the deposit then you more than likely cannot afford the home you want to purchase.

Here are some hidden costs that you should consider:

  1. Utility Fees - Water & Electricity

  2. Rates & Taxes - What is the average for the area you want buy in?

  3. Levies - What are the levies in the development, estate or complex?

  4. Homeowners Insurance - What are the costs of insuring your home?

  5. Householders Insurance - For the contents of your home.

  6. Security - Do you need to pay for security?

  7. Maintenance - Setup a savings account for this to ensure that you keep up with maintenance annually and unforeseen property expenses.

  8. Home Loan Installment - Can you afford this with all the other costs added above?

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