The annual expenses for owning a home in Auckland will be over $10,000 in most cases once you start to take into account some associated costs. Lets break this down so you know what costs you should consider checking, as the actual numbers quoted in this article are only good as guidelines as of now.
Auckland council rates currently varies between $3,000 to $5,000 for most properties, this is public information and you can find the actual number for the address you are looking at online.
House insurance is a must to check more and more as insurance companies get picky around floods, slips etc. This can be approx $2,000 per year.
Maintenance is not likely to come up every year, however on average over the medium term you might get some lumpy expenses, you should budget for anywhere between $1,000 – $5,000. Getting a detailed building inspection before buying will ensure you can address these costs.
Water rates is good to be aware of as this will change once you actually own a home,,, more many people the change here might be small if they are covering most of the bill already.
Life insurance or mortgage protection insurance is something which is optional in most cases, however many of my clients do want some type of additional cover to ensure they have peace of mind. The cost of this is highly dependent on age and health. But as a rough guide I would say $3,000 – $6,000 per year would be reasonable for most couples.
Contents insurance again optional but it is very likely that you will want nicer furniture once you own your own home, this should be approx $1,000 per annum.
Travel expenses can also change depending on where you buy, so again something to consider so that you are well equipped to enjoy home ownership in one of the best cities in the world.
