What Are The Monthly Costs of Owning a Home?

Posted by on Wednesday, October 4th, 2017 at 9:59am.

A list of common monthly expenses you can expect as a homeowner

Mortgage Payment

This will probably be your largest monthly expense. Several factors affect the amount of your payment. For example, the amount you financed, the term, the rate, the amortization and your payment schedule.

Property Taxes

Depending on your location, you’ll get a property tax bill two, three or four times a year. You can usually pay your tax bill by a variety of methods: a cheque to your municipality, through online banking, with your mortgage payment, or (if your municipality allows) automatic debit from your chequing account.

Utilities

You may be responsible for utility bills such as heating, gas, electricity, water, telephone and cable.

Property Insurance

Your lender will require that you have property insurance in place at closing, but it’s also an ongoing expense for as long as you own your home.

Condo Fees or Homeowners' Association Fees

If you buy a home within a Homeowners’ Association or a Condominium Association, you’ll be required to pay a monthly or quarterly fee.

School Taxes

In some municipalities, these taxes are integrated into the property taxes. In others, they are collected separately and are payable in a single lump sum, usually due at the end of the current school year.

Maintenance and Upkeep

You may have expenses such as painting, roof repairs, electrical and plumbing, walks and driveway, lawn care, etc.

 

If you have any questions at all, I would love to hear from you. As always, I am more than happy to offer my advice to you, and to let you know where you stand with your current mortgage possibilities. Feel free to either call me directly, or fill out the form below and I'll get back to you as soon as I can.

Wishing you the very best,

Tiyana Nasiri
CIBC Mobile Mortgage Specialist
Calgary, Alberta

 

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