Find all the tips, advice and new home inspiration with our Home Blog
The keys are in your hand. You are ready to step into your brand new home. All those costs associated with it are finally paid, and now all you have left is the hefty mortgage you don’t want to think about – or so you think.
Unfortunately, new home owners can forget the cost of maintaining and living in a home. Water, electricity and gas bills, council rates and even home repairs for older homes can all have a significant and possibly unforeseen impact on your carefully devised budget.
Never fear though, we have put together a quick guide on ways to save money on your bills and help with the overall cost of your new home.
Install LED light bulbs and in the long-run you will save money on your electricity bill. A standard halogen light turns up to 90% of electricity used into heat, and only 10% into light. An LED light however only uses 15% of the energy a halogen uses, and provides up to 85% of the light output. LED lighting also has a longer lifespan, making them well worth the investment.
Ceiling fans are a low-cost, low-energy way to keep the air circulating in your home. If used in conjunction with an air conditioner, you can actually lower the temperature by a degree or two of the air con. This can lead to some surprising savings! While using a ceiling fan in summer is common practice, many people are unaware you can actually utilise them during winter too. Switch your fan into reverse, and hot air trapped near your ceiling will be redistributed to the floor. Remember to keep it on a low setting!
Plant deciduous trees – ones that lose their leaves in autumn/winter – on the west and east sides of your home. These trees will naturally cool your home is summer and allow sunshine through during winter. Be careful to plant them a safe distance from your home and power lines.
Everyone knows that a clothes dryer will eat up your power bill. If you are willing to give up the convenience, hang a line in your laundry and use it for at least some items. Even better would be hanging it outside where a natural breeze will do all the work. A load here or there will still save money!
We have mentioned the benefits of energy efficient appliances several times on this blog, however it doesn’t make it any less true. While they may be a more expensive upfront cost, energy efficient appliances will save you money in the long run and will help keep your hip-pocket happy.
Purchasing a new home can an be expensive process. With insurance, conveyancing fees, council rates and borrowing fees, the ‘extra’ costs can really rack up. One of the larger upfront rates you will be required to pay is stamp duty.
Although the added cost can be painful, it is a necessity when buying in Australia. Read our guide below to understanding stamp duty and how it is calculated.
Stamp duty is a tax charged by Australia’s state governments in relation to the transfer of land or property. So whenever your purchase land or property you will pay stamp duty.
Every state calculates stamp duty differently, and various factors can influence the cost of it including location, the value of the home and whether you are a first home buyer.
Stamp duty is calculated differently according to where you plan to buy in Australia. Usually the cheaper the property the lower stamp duty will be.
Most states will use price categories, for example $200,000 – $300,000, and charge you according to where your home fits in the price range.
Generally, if you purchase a block of land and build later, you will only pay stamp duty for the land cost. For a comprehensive guide on how your state or territory calculates stamp duty visit your local state revenue office or follow the links provided below.
You can also use a stamp duty calculator for a rough indication of the cost you are up for by clicking here.
First home buyers are generally eligible for a concession or discount cost on stamp duty in order to help them enter the market.
Again, this varies for each state. Head to your local revenue office via the links below for full criteria, or find your local Hotondo Homes dealer here.