Is it a renovation, repairs or household expenditure?

If you’ve been completing a renovation on your home, as opposed to general ongoing repairs, you should ensure that you remove this from your living expenses and budget for it separately. Your renovation does not form part of your day to day expenses and should have its own budget that’s being tracked separately to your living expenses.

Running repairs can be an ongoing expense expected with home ownership. You might expect to spend around one percent of the value of the house per annum on general repairs and body corporate if applicable.

This is also a distinct category from purchasing furniture and household appliances.

Contact us today to book in a free confidential property planning, strategic mortgage broking, money management or property select meeting.