True Costs of Home Ownership

Scott McEachern |

After running some numbers, your mortgage broker explains that your monthly mortgage payment will be $598 bi-weekly. “I can afford that!” you think to yourself. But wait – there’s more!

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Have you considered the following expenses?

  • House and Content Insurance
  • Mortgage Insurance
  • Home Inspection Fees
  • Lawyer Fees
  • Heat (Consider equal billing, to help cash flow planning!)
  • Hydro
  • Property Taxes
  • Cable/Internet/Phone Bills + Initial Installation Fees
  • 2%-4% of the House Value Saved in an Emergency Fund for House Repairs
  • Furnishings for your New House

Now suddenly, your monthly expenses are double what you thought they would be. Keep in mind, this is likely the most expensive purchase you will make in your lifetime and it is extremely important to sit down and plan your expenses before committing to buying a house. Crunching numbers isn't fun - but if home ownership is a goal of yours in the near future, contact us for more information on the above fees and we can help you with cash flow planning and ensure your plan is achievable.