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Congratulations on becoming a new homeowner! Home buyers often make the mistake of not budgeting enough for the purchase of their first home, whether it be a condo, townhouse or detached house. First-time homebuyers need to understand that there is much more to the purchase of a home than just the initial purchase price or monthly mortgage payment.
Being a homeowner can be a larger than expected financial burden than many buyers realize. Here are some monthly and yearly expenses that you should consider budgeting for:
1) Mortgage payments: Your mortgage payment is likely to be your largest monthly expense as a homeowner. Be sure to factor in interest, property taxes, and homeowners insurance.
2) Utilities: You will need to pay for electricity, gas, water, sewer, and trash services. Depending on where you live, some utilities may be bundled together.
3) Strata fees: If you live in a community with a strata association, you may be required to pay monthly or yearly dues to cover expenses like community amenities, maintenance, and landscaping.
4) Repairs and maintenance: As a homeowner, you are responsible for the upkeep of your property. This includes regular maintenance like lawn care, cleaning gutters, and changing air filters, as well as unexpected repairs like a leaky roof or a broken water heater.
5) Property taxes: Property taxes are an annual expense that can vary depending on where you live and the value of your home. Make sure to budget for these taxes so you can pay them on time.
6) Homeowners insurance: Homeowners insurance is a must-have to protect your home and personal belongings in case of unexpected events like fires, floods, or theft.
7) Home improvements: Depending on the age and condition of your home, you may need to make improvements like replacing old appliances or updating your bathroom. These costs can vary widely depending on the scope of the project.
8) Moving expenses: If you are moving into a new home, don't forget to budget for expenses like hiring movers, renting a truck, or buying packing supplies.
By planning for these expenses, you can create a realistic budget and ensure that you can enjoy your new home without worrying about unexpected costs.