As first-time homebuyers in Canada, it's important to understand the real cost of homeownership beyond just the purchase price of your home. Here are some key expenses you should consider:
1.Down Payment: To buy a home in Canada, you typically need to have a down payment of at least 5% of the purchase price. If you put down less than 20%, you'll also need to pay for mortgage default insurance, which can cost anywhere from 1.75% to 4% of your mortgage amount.
2.Mortgage Payments: Your mortgage payments will likely be your largest monthly expense as a homeowner. Your mortgage rate will depend on a number of factors including your credit score, income, and the size of your down payment. You'll need to make sure you can afford these payments before taking on a mortgage.
3.Property Taxes: Property taxes in Canada vary by province and municipality, but they can be a significant expense for homeowners. Make sure to research the property tax rates in the area where you're buying a home, so you can budget accordingly.
4.Utilities: As a homeowner, you'll be responsible for paying for all the utilities in your home, including electricity, gas, water, and internet. Make sure to factor these costs into your monthly budget.
5.Maintenance and Repairs: Homeownership comes with maintenance and repair expenses that renters don't have to worry about. You'll need to budget for things like lawn care, snow removal, and repairs to appliances, plumbing, and heating and cooling systems.
6.Home Insurance: Homeowners are required to have home insurance to protect their property and belongings in the event of damage or theft. The cost of home insurance can vary based on the size and age of your home, your location, and the coverage you choose.
7.Closing Costs: When you buy a home, you'll need to pay for closing costs, which can include legal fees, title insurance, and land transfer taxes. These costs can add up to several thousand dollars, so make sure to budget for them.
Overall, the real cost of homeownership in Canada can be significant. Make sure to budget for all these expenses before buying a home, so you can avoid financial stress down the road.#costofbuyinghouse #firsttimehomebuyers #bramptonrealestate #kitchenerrealestate #buyinghome #canadahousepurchase #toprealtorbrampton
🏡 MUST WATCH Videos for First-Time Home Buyers / Sellers🏡
Getting Ready for First Home → [ Ссылка ]
Buying your First Home on Work Permit → [ Ссылка ]
Happy Clients → [ Ссылка ]
Buying Home in Oakville → [ Ссылка ]
Custom Build → [ Ссылка ]
List with Mandeep Dhesi → [ Ссылка ]
Foreign Ban → [ Ссылка ]
Listen to our Podcast →
[ Ссылка ]
If you are planning to scale your real estate business to the next level, do set up a call with Us. We are educating free of cost on how to scale from a "Commission Agent" to a CEO of your Real Estate Business.
Our Real Estate Team AspireGroup eXp → [ Ссылка ]
🏡 MUST WATCH Videos for Realtors 🏡
Social Media for Realtors →
[ Ссылка ]
New Agents making $100k →
[ Ссылка ]
Starbucks of Real Estate →
[ Ссылка ]
Build Wealth as Real Estate Agents →
[ Ссылка ]
💥 Follow me on Social Media 💥
Facebook: [ Ссылка ]
Instagram: [ Ссылка ]
TikTok:- [ Ссылка ]
FOLLOW OUR OTHER CHANNELS:
Dhesi Listed: [ Ссылка ]...
Dhesi Shorts: [ Ссылка ]...
Mandeep Dhesi - team leader for Aspire Group eXp Realty:-
🏆 Ranked Top #1 Realtor on Social Media, Worldwide as an eXp eXpert influencer
