Moving into a new home is an exciting milestone, but it can also come with unexpected expenses that catch you off guard. While most people budget for the obvious costs like hiring movers or buying packing supplies, there are several hidden expenses that can add up quickly. To help you plan better, we’ve compiled a list of 5-6 unexpected costs of moving into your new home, along with detailed descriptions and estimated costs.
1. Home Repairs and Renovations
After purchasing your new home, you might think you’re all set to move in. However, many homebuyers discover that their property requires repairs that weren’t immediately visible during initial inspections or negotiations. These repairs can range from cosmetic fixes to major structural issues that need immediate attention.
What it entails:
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Plumbing Repairs: Common plumbing issues include leaks from old pipes, malfunctioning toilets, or clogged drains. Plumbing problems are among the most frequent hidden costs in homeownership.
- Statistic: According to the Australian Bureau of Statistics, about 1 in 10 Australian homes have issues related to plumbing, with 6% requiring emergency repairs.
- Cost: Repairing a leaking pipe could cost between $150 to $500, while replacing an old water heater may cost up to $2,000.
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Electrical Problems: Outdated or faulty wiring, broken electrical panels, or unsafe outlets can pose serious safety risks. In many older homes, electrical systems may not meet current standards, requiring rewiring or upgrades.
- Cost: A complete electrical upgrade can range from $1,000 to $4,000 depending on the size of the house and the complexity of the work.
- Statistic: The average cost for rewiring an older home in Australia ranges between $3,000 and $8,000.
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Cosmetic Touch-Ups: Some cosmetic updates may be essential to make the home feel comfortable. This could include things like painting walls, replacing carpets, or renovating outdated kitchens and bathrooms.
- Cost: For instance, painting a three-bedroom house could cost around $2,000 to $4,000, while updating kitchen cabinetry could cost upwards of $5,000.
Estimated Cost:
| Service Type | Estimated Cost Range |
|---|---|
| Plumbing Repairs | $150 – $500 |
| Electrical Upgrades | $1,000 – $4,000 |
| Cosmetic Renovations | $500 – $5,000+ |
2. Utilities Setup Fees
Before you can start enjoying your new home, you’ll need to get utilities up and running. Setting up essential services like electricity, gas, water, internet, and cable can involve significant setup fees, especially if you are a first-time customer or moving into an area with limited service options.
What it entails:
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Electricity, Gas, and Water Setup: Depending on your service provider, you may need to pay initial connection fees and deposits. For homes in regional areas, service installation can sometimes take longer and may incur higher costs.
- Statistic: According to Australian Energy Regulator (AER) data, energy connection fees can range from $50 to $300 depending on the state.
- Cost: A standard connection fee for electricity can range from $50 to $150, while setting up gas service may cost $100 to $200.
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Internet and Cable Setup: If you’re subscribing to an internet or cable service for the first time, activation fees apply. Plus, if your new home requires any cabling or modem installation, this can add to the cost.
- Cost: A standard internet setup fee typically ranges from $60 to $120, while a more complex cable setup with added hardware might cost between $150 to $300.
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Utility Deposits: Some service providers, especially for new customers or in high-risk areas, may require a deposit before activating your service.
- Cost: Utility deposits are typically between $100 to $300 for services like electricity or water, depending on the location.
Estimated Cost:
| Utility Service | Estimated Setup Cost |
|---|---|
| Electricity/Gas/Water | $50 – $300 |
| Internet/Cable | $75 – $150 |
| Utility Deposits | $100 – $300 |
3. Pest Control Services
Australia’s climate and environment make it an ideal place for a variety of pests, including termites, ants, rodents, and more. Whether your new home has been vacant for a while or you simply didn’t notice a pest issue during the inspection, pest control services are often an unexpected cost.
What it entails:
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Inspection: Before moving in, you may need a professional pest inspection to check for termites, rodents, or other infestations that could cause damage to your property or belongings.
- Statistic: According to the Australian Environmental Pest Managers Association, nearly 1 in 3 Australian homes has been affected by termites.
- Cost: A general pest inspection typically costs between $150 and $300, while termite inspections can cost up to $500.
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Extermination: If an infestation is found, pest control treatments such as fumigation or trap placement will be required to eliminate the pests.
- Cost: The cost of pest extermination varies widely depending on the type of pest and the size of the infestation. General pest extermination services start at $150, while termite treatment can cost between $500 and $3,000 or more, depending on the severity of the infestation.
Estimated Cost:
| Service Type | Estimated Cost Range |
|---|---|
| Pest Inspection | $100 – $300 |
| Pest Extermination | $150 – $3,000 |
| Preventative Measures | $200 – $600 annually |
4. Landscaping and Lawn Care
The exterior of your new home is just as important as the interior, and that includes your yard and landscaping. Many homeowners are surprised by the cost of maintaining or improving their outdoor space after moving in.
What it entails:
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Lawn Care: Regular lawn care includes mowing, weeding, fertilizing, and aerating. While it may seem like a simple task, it can become an ongoing expense.
- Statistic: Approximately 25% of Australian households spend money on lawn care services annually, with typical costs ranging from $30 to $100 per visit.
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Landscaping Design: Depending on your vision, you may need to hire professionals for larger landscaping projects, such as installing new garden beds, planting trees, or laying down turf.
- Cost: Landscaping projects can range from $500 for minor garden work to over $5,000 for extensive garden redesigns.
Estimated Cost:
| Service Type | Estimated Cost Range |
|---|---|
| Lawn Mowing (per visit) | $30 – $100 |
| Landscaping (per project) | $500 – $5,000+ |
| Irrigation System | $500 – $3,000+ |
5. Home Security System Installation
Securing your new home is important, and home security system costs can vary widely.
What it entails:
- Lock Rekeying can cost $50 to $250.
- Alarm Systems range from $500 to $3,000 depending on features and monitoring.
6. Furniture and Appliance Costs
What it entails:
- You might need to replace or upgrade appliances like a refrigerator, washer, or dryer.
- Furniture Costs may include beds, couches, or dining tables that weren’t included with the property.
Estimated Cost:
| Service Type | Estimated Cost Range |
|---|---|
| Appliances | $300 – $3,000+ |
| Furniture | $100 – $5,000+ |
Estimated Cost:
| Security Service | Estimated Cost Range |
|---|---|
| Lock Rekeying | $50 – $250 |
| Alarm System Installation | $500 – $3,000 |
12. Property Taxes and Stamp Duty
Ah, property taxes—the one surprise that never fails to show up on your doorstep, whether you’re ready for it or not. Like that persistent relative who shows up uninvited to every family gathering, property taxes don’t take a holiday. Depending on where you live and how much your home is worth, these taxes can sneak up on you each year. It’s one of those costs that, no matter how much you try to avoid it, always manages to find you. So, just like your annual subscription to “adulting,” it’s best to accept it and prepare for it ahead of time.
What it entails:
- Stamp Duty is a one-time tax paid when purchasing a home, and it can be a significant portion of your moving costs.
- Property Taxes can vary based on the value of your home and your location, adding to your ongoing expenses.
Estimated Cost:
| Service Type | Estimated Cost Range |
|---|---|
| Stamp Duty | $1,000 – $40,000+ (depending on property price) |
| Property Taxes | Varies by state and property value |
Preparing for the Unexpected:
While moving into a new home can be an exciting milestone, it’s important to factor in the hidden costs that can arise once you settle in. From necessary repairs and utility setup fees to pest control and home security, these unexpected costs can add up quickly. By planning for these expenses in advance, you can ensure a smoother transition into your new home without financial surprises.