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HIDDEN COSTS OF HOMEOWNERSHIP

Tuesday, August 15, 2023   /   by Ameil Gill

HIDDEN COSTS OF HOMEOWNERSHIP

HIDDEN COSTS OF HOMEOWNERSHIP


The thought of owning your home can be both exciting as well as a little overwhelming… especially if you’re a first-time homebuyer.


Unfortunately, many buyers are caught off guard by the unexpected expenses that come with owning a home. While paying a mortgage every month is expected, the hidden costs of owning a home can dampen the excitement of moving into your new place.


As your real estate agent, I’m here to help you navigate these hidden costs and ensure that you’re prepared for ALL of the expenses that come with owning a home. 


? Emergency repairs.
Your a/c unit decides not to turn on in 95-degree weather, your toilet backs up, or a tree damages your roof… homeownership always comes with unexpected repairs, so it’s important you have a “security” fund in place in case you need to use it.


? Homeowner’s Association / Condo Association Fees.
If you are part of an HOA or Condo Association, you may have maintenance items that need to be completed from time to time. This could include painting the exterior every 10 years or replacing your walkway. Make sure you read through the HOA documents thoroughly so that nothing unexpected arises.


? Utilities.
Homeowners typically must cover all the costs involved with running their homes, which will likely be an increase from what you currently spend on utilities, especially If you are renting. This includes trash collection, water/sewer, gas, electric, and cable/internet.


? Exterior Maintenance.
On top of the typical yard maintenance, you may want to invest in pest control, and also take into consideration deck and patio maintenance, pool maintenance, and siding and roof repair.


Before you start house hunting, put together a budget, and remember to set aside an emergency fund for anything unexpected that may arise.


If you’re ready to learn more about the various expenses you’ll face as a homeowner and how to plan for them, let’s connect! Send me a message today.

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated June 15, 2024
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