Top 5 Expenses to Budget For After Your Home is Built

27th November 2023

Finance & Budgeting Post-Construction

Many new homeowners forget to budget for key expenses that come after construction is complete. This episode outlines the top 5 costs you should plan for so you're not caught off guard.

Top 5 Expenses to Budget For After Your Home is Built

Building a new home is a major milestone, but the costs don't end once the builder hands over the keys. In this episode of the Home Building Hub, Colin Bischof and Darren Brennan walk through the top five post-build expenses that every new homeowner in Australia should plan for.

These often-overlooked items can catch people off guard and put a dent in their finances. Whether you're a first-time buyer or a seasoned investor, being aware of these costs early on will help you plan smarter and avoid nasty surprises.

1. Fencing and Gates

Most estates have strict requirements around fencing type, height and finish. Common fencing types include:

• Capped timber pailing fencing with exposed posts

• Colourbond fencing (metal)

What to budget for:

• You are responsible for 50% of each shared fence

• Wing fences and gates are typically not included in estate-supplied fencing

• If neighbours aren't contactable, you may have to pay their half upfront

Tip: Check your estate's guidelines before installing fencing or gates.

2. Landscaping, Letterbox and Clothesline

From lawn and garden beds to driveways and pathways, landscaping is a big ticket item.

What to budget for:

• Basic landscaping (DIY): $1,000 - $5,000

• Landscaper-installed: $5,000 - $20,000

• Display-home style (decks, features, no pool): $50,000 - $150,000

• Letterbox and clothesline: DIY from Bunnings is the cheapest option

Important: Estates may mandate specific plants, layout or garden features. Be sure to follow your landscaping plan and guidelines.

3. Blinds and Window Coverings

Builders may or may not include blinds. If not, you'll need to organise them yourself.

What to budget for:

• Roller blinds: more affordable option for wet areas or laundry

• Feature curtains or premium blinds for living areas and bedrooms

• Expect costs to add up quickly if doing every window

Rental tip: Investment properties must meet minimum blind coverage to comply with tenancy standards.

4. Utility Connections (Water, Electricity, Gas, Internet)

These costs are often missed during the budgeting phase.

What to budget for:

• Connection fees for all services

• Some builders include Telstra lead-ins, others don't

• Shop around for the best utility rates using government comparison sites

Tip: Clarify with your builder what is and isn’t included in terms of service connections.

5. Furniture and Appliances

This can be a huge cost, especially if you're upsizing or moving into your first home.

What to budget for:

• Fridges, washing machines, and other essential appliances

• Dining, lounge and bedroom furniture

• Budgeting earlier helps you avoid last-minute expenses

Cost-saving idea: Consider second-hand options. High-quality items often resell at a fraction of their original price.

Key Takeaways

• Always ask your builder what's included - fencing, landscaping, blinds and connections can vary widely.

• Estates often have specific requirements - don't overlook design guidelines.

• DIY can save you money, but only if you're willing to put in the work and research.

• Start budgeting for furniture and appliances early in the build.

• Use government resources to compare utility plans and providers.

Glossary of Terms

Wing fence: A short side fence connecting your home to the boundary fence.

Capped pailing fence: A timber fence with a flat board (cap) on top and visible timber posts.

Estate design guidelines: A set of requirements covering fencing, landscaping, facade, and more.

Connection fees: Charges applied to connect essential services (electricity, water, gas, internet) to your new home.

Frequently Asked Questions

Do builders include fencing? Only some builders include fencing. Always check what your builder includes and what you are responsible for.

Can I do landscaping myself? Yes, but ensure your design complies with estate guidelines. DIY can be a cost-effective solution.

Is it cheaper to do blinds after handover? Not necessarily. Builders may offer discounts if you package them with your build. Compare both options.

What happens if I can't contact my neighbour about the fence? You may have to pay the full cost up front and reclaim the 50% later. Most fencing companies assist with this process.

Listen to the Full Episode

Click here to listen to Episode 33: Top 5 expenses to budget for after your home is built

About the Home Building Hub Podcast

The Home Building Hub podcast, hosted by industry experts Colin Bischof and Darren Brennan, is Australia’s premier resource for new home buyers. With weekly episodes featuring special guests, the podcast provides objective, high-quality insights into the home building process - completely free and without sales pitches. From understanding financing options to navigating the complexities of building a new home, each episode is packed with actionable advice and tips.

Explore more episodes at http://www.homebuildinghub.com.au and join our growing community of informed home buyers.

Disclaimer

Whilst we’re all about providing value to you, this article should not be considered as legal or financial advice. It contains general information only and is based on the content discussed during the podcast episode. This information is relevant to the episode’s release date and may not be applicable at the time of reading. Always seek independent professional advice tailored to your personal situation before making any legal or financial decisions.