Buying a home in Ottawa is a huge investment, and the process of planning and organizing can be stressful enough
The last thing you want is to be surprised by hidden and unexpected costs that you didn’t budget for. The only thing you should need to feel in the hours before taking possession of your new home is exciting.
It is essential to learn and understand the situations in which extra costs may apply and how much they could cost you. We’ve prepared a free report that outlines, in-depth, the 13 Costs to Be Aware of Before Buying a Home in Ottawa to help you feel confident when budgeting for your next move. Order this report by filling out the form on this page and you’ll be armed with the knowledge that you need to put yourself on the right track.
There are many costs associated with buying a home in Ottawa
Many people get a horrible surprise on their closing day when they see the extra fees, charges, and taxes they have to pay. It’s not uncommon for homebuyers, especially new ones, to get caught off-guard with unexpected expenses. If you’ve rented for most of your life, you’re used to maintenance and all other costs handled by your landlord. As a homeowner, now it’s your turn to make sure you budget for unexpected emergencies and fees that come with owning property. To avoid these unwanted surprises, it’s crucial to calculate these costs when determining your budget so you can be informed and prepared.
Additional costs and fees can present themselves as one-time fixed payments, or they may be ongoing monthly or yearly commitments. You won’t always run into these extra expenses, but it’s still wise to plan and budget for them just in case.
And other things such as outdoor maintenance (driveway, lawn, leaf/snow removal, trash, curb appeal, deck/patio/pool, and your home’s exterior) etc. Obviously, this is a very extensive list. Many of these additional costs may never apply to you, or you may not have to worry about them right away. Nonetheless, it’s better to be over-prepared than underprepared. Depending on the kind of home you’re looking for, your needs will differ. But as a general rule of thumb, it’s wise to calculate around four percent of the purchase price in your budget to allocate towards repairs each year. For example, if the purchase price of your home is $350,000, you’ll want to keep $14,000 aside every year for repairs. That number may seem high, but it’s better to know you have the money on hand than to scramble to find it in an emergency situation.