Zoocasa
Sold Prices
Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News
  • Free Guides (PDF)
  • Infographics
  • Zoocasa News
Zoocasa
Home Buying a Home

A Guide To Everything You Need To Know About Home Ownership Costs [Free Download]

Zoocasa by Zoocasa
December 29, 2020
in Buying a Home, Downloadable Guides
4 min read
Home Ownership Guide blog image
Share1
Tweet
Share
1 Shares

Along with the excitement of purchasing a new home, comes the additional costs that you will be expected to pay as a homeowner. Apart from covering the mortgage of your home, you’ll have additional expenses – such as home insurance – that you will be expected to cover. If you’re looking to budget for a home purchase, it’s important that you consider these costs as they can add up to thousands of dollars each year.

To help you make educated decisions when budgeting, we’ve compiled a list of the major home ownership costs in one free, downloadable guide. Get the Home Ownership Costs to Consider guide here.

Home Insurance

Home insurance policies help protect against serious damage and destruction, like fires, leaks, floods, or break-ins. It also protects a homeowner from personal liability. Some banks may offer home insurance products, although you can typically purchase a home insurance policy through a home insurance agent or broker. 

Tip: You may get better rates if you use a broker or agent. It’s also important to keep in mind that policies typically renew on an annual basis.

Condo Fees

The cost of maintenance fees should be taken into account when you’re buying a condo. This recurring cost is in addition to your mortgage and impacts how much home you can afford. 

Your mandatory monthly fee will vary by your building and square footage. It typically covers:

  • Utilities (such as water and garbage collection)
  • Building insurance
  • Maintenance of common areas (such as the gym, pool, front desk, hallways, landscaping)
  • Building reserve fund (covers emergencies and long-term maintenance projects such as a new roof or elevators repairs)

What Are Status Certificates?

If you’re looking to purchase a condo, you’ll want to look into obtaining a status certificate so that you have as much information about the building and your unit as possible before buying. A status certificate provides valuable information about the condo corporation and its financial

situation. It includes details on the budget, legal issues, the reserve fund, maintenance fees, and any fee increases expected in the future. 

Tip: You’ll want to carefully review your status certificate with your lawyer before making a purchase.

Property Tax

Property taxes are paid annually by homeowners to their municipality. These taxes are ongoing and are separate from your mortgage. Your annual property tax can often be paid in installments.

Tip: It’s important to remember that this cost is not due at closing, but is a recurring cost.

How Are Property Taxes Calculated?

Your property tax rate will vary depending on the value of your property as assessed by your provincial assessment authority. This is then multiplied by a rate that falls between 0.5% to 2.5%.

How Do You Pay Property Taxes?

You can pay your property taxes either through your mortgage provider or directly to your municipality. 

Your Utility Bills

When you purchase a home, you’ll have to set up or transfer your utility bills to your new home. If you live in a condo, these costs may be included in your monthly maintenance fee. Your utility bill will include:

  • Hydro (electricity)
  • Heat
  • Water and Garbage
  • Internet, Phone, Cable

For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Home Ownership Costs to Consider Guide here.

Previous Post

14 of the Cheapest Houses For Sale in the GTA For Under $649,999

Next Post

8 of the Cheapest Houses For Sale in Vancouver Under $699,000

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

How to Prepare For Closing Day [Free Downloadable PDF]
Buying a Home

How to Prepare For Closing Day [Free Downloadable PDF]

January 7, 2021
Fixer Uppers vs Pre-Construction Homes [Free Buyer’s Guide]
Buying a Home

Fixer Uppers vs Pre-Construction Homes [Free Buyer’s Guide]

January 5, 2021
Finding a Home in the Best School Districts
Buying a Home

How to Find A Home in the Best School Districts (Guide and Tools)

December 23, 2020

Blog Search

No Result
View All Result

Recent Articles

7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999

7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999

January 13, 2021
How to Prepare For Closing Day [Free Downloadable PDF]

How to Prepare For Closing Day [Free Downloadable PDF]

January 7, 2021
Here Are 8 Houses in Toronto For Sale For Under $699,999

Here Are 8 Houses in Toronto For Sale For Under $699,999

January 6, 2021
Toronto Real Estate Market Ended 2020 on a High: TRREB

Toronto Real Estate Market Ended 2020 on a High: TRREB

January 6, 2021
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999

7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999

January 13, 2021
Here Are 8 Houses in Toronto For Sale For Under $699,999

Here Are 8 Houses in Toronto For Sale For Under $699,999

January 6, 2021
3290 E 54th Avenue

8 of the Cheapest Houses For Sale in Vancouver Under $699,000

December 30, 2020
14 of the Cheapest Houses For Sale in the GTA For Under $649,999

14 of the Cheapest Houses For Sale in the GTA For Under $649,999

December 24, 2020

Social Media

Newsletter Signup

Join 120,000+ knowledgeable subscribers. Don't miss important real estate news, and buying & selling tips.

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Signup

Join 110,000+ weekly subscribers. Don’t miss important real estate news, and buying & selling tips: sign up here.

Social Media

Zoocasa Tools

Search MLS Listings
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Zoocasa Home
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2020 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News
  • Free Guides (PDF)
  • Infographics
  • Zoocasa News
No Result
View All Result

© 2015 - 2020 Zoocasa Realty Inc., Brokerage