What Are The Ongoing Expenses Associated With Home Ownership?

Determining a home buying budget

There’s more than the mortgage amount to consider when looking at the costs of buying and owning a home. When planning a home buying budget, take into consideration the following costs:

Typical housing costs

Mortgage (principal & interest): Try our Mortgage Payment Calculator to estimate your monthly mortgage payment amounts.

Property tax: Search real estate listings in your desired neighbourhood. They typically include the annual property tax.

Property insurance: Ask friends and family with similar dwellings in your desired location for a ballpark figure.

Heating/hydro/water: These rates can vary significantly depending on a number of factors. Try to obtain estimates from friends or family in similar dwellings.

Maintenance/Repair: Ensure to budget for ongoing maintenance and repairs. In addition, with a condominium, real estate listings can help you estimate condominium fees.

Other considerations:

  • Student or other loans
  • TV/Internet/Cell phone
  • Clothes
  • Car payments
  • Car insurance
  • Credit card debt
  • Gas
  • Public transportation
  • Child care
  • Entertainment
  • Groceries
  • Life insurance
  • Retirement savings
  • Memberships (health clubs/associations)
  • General Savings

Next Up: The Journey

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