Determining a home buying budget
You’ve heard the term “house-poor.” It means your home ownership expenses are so high that you don’t have any money left to maintain your lifestyle.
You can avoid this by taking an honest look at your expenses and your savings plan.
Over the next few months, keep track of your expenses which will help you determine how much money you’ll need to own a home while still doing the things that make you happy. Below is a guide of various costs to take into consideration.
Typical housing costs
|Mortgage (principal & interest)||
Try our Mortgage Payment Calculator to estimate your monthly mortgage payment amounts.
Search real estate listings in your desired neighbourhood. They typically include the annual property tax.
Ask friends and family with similar dwellings in your desired location for a ballpark figure.
These rates can vary significantly depending on a number of factors. Try to obtain estimates from friends or family in similar dwellings.
Ensure to budget for ongoing maintenance and repairs. In addition, with a condominium, real estate listings can help you estimate condominium fees.
- Student or other loans
- TV/Internet/Cell phone
- Car payments
- Car insurance
- Credit card debt
- Public transportation
- Child care
- Life insurance
- Retirement savings
- Memberships (health clubs/associations)
- General Savings