Costs of buying a home: upfront, ongoing, major repairs. [Video] With Alex Wickham

Hey it’s me Alex Wickham. Are you looking for a wicked home?

We all know that there are costs associated with buying a home. These could be important for you in making your decision to buy a home, or for your financial budgeting when you own one. There are upfront, ongoing, and repairs costs.

Some upfront cost would be:

  • Obviously the price of the home
  • The downpayment, which we normally recommend you budget for 5%-20%
  • Land Transfer Tax, with possibilities for rebates as a first time home buyer
  • Home inspection
  • Lawyer costs
  • Deposit Cheque
  • and Moving costs
  • and when you first move in there may be a few repairs that your could make to ensure the home if safe and up to your standard.

Notice that I didn’t mention, real estate agent fees. This is because the fees are typically paid by the seller.

Now, your ongoing costs are things like mortgage payments, insurance, property taxes, utility bills, condo fees if applicable, and regular maintenance and service contracts. You’ll pay these on a by weekly, monthly, or yearly basis.

Major repairs will include, your roof, windows, furnace, Air Conditioning, Hot Water Tank, and appliances. Other than the appliances, and depending on the quality, these will typically have a 20-35 year lifespan. So if you plan ahead, budget, and do the needed upkeep, you can greatly reduce any unpleasant surprises.

I hope this gave you a good understanding costs associated with buying and owning a home.

If you have any questions, or if you’re looking for a Wicked home, call Wickham.

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