The Hidden Ongoing Costs of Buying Your First Home
From Aaron’s YouTube: “Hidden ongoing costs of buying your first home.”
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Posted 16 December 2025
The short version
- Insurance and council rates are predictable costs you can research before buying.
- Maintenance costs are unavoidable but hard to predict - newer homes usually cost less.
- Council rates can be paid in advance or spread monthly/quarterly.
- The emotional cost of home ownership? Priceless (but worth it!).
The obvious costs (and how to calculate them)
Every first-home buyer knows about mortgage repayments and utilities, but two big ticket items often catch people unprepared: insurance and council rates. Aaron suggests looking up insurance premiums for specific properties on Tower's website, while council rates are clearly listed on your local council's site.
These are fixed costs you can - and should - research during your property search. What many don't realise is you can choose how to pay them: lump sums annually, or spread out as monthly/quarterly payments to better match your cash flow.
The unpredictable cost you can't ignore
Maintenance is the wildcard of home ownership. Unlike renting, where landlords handle repairs, every leaky tap or faulty switch is now your responsibility. As Aaron notes, 'This is not necessarily a hidden cost, but it is an unknown cost.'
The general rule? Newer properties typically have lower maintenance costs, while older homes need more TLC. Budgeting 1-2% of your home's value annually for maintenance is a common guideline, but Aaron stresses it's impossible to predict exactly - so always have a buffer.
The cost no calculator can measure
After running through spreadsheets and budgets, Aaron leaves first-home buyers with one final 'cost': the value of owning your first home. While the financial commitments are real, the emotional payoff - that sense of pride and security - is what makes it all worthwhile.
His advice? Go in with eyes wide open about the costs, but don't let them scare you off. With proper planning (and maybe that first-home buyer spreadsheet he mentions in other videos), you'll be ready for both the expected and unexpected expenses of this exciting journey.
This is general information, not personalised financial advice. For advice on your situation, talk to Aaron.
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