There are lots of costs to think about when you buy your home (not just the down payment you have to worry about and the actual home, but lots of other things that can add up).
Here are some of these costs (HINT: They include lots of taxes. Awesome…):
Home Inspection
- This can range anywhere from $400 to $1000 for a thorough home inspection Read More…
Because one of the comments mentioned it i figured i’d post this inforgraphic that might interest y’all who are looking to buy a home or rent – Makes a cool case (in graphics) on which is best based on certain conditions –
http://www.moolanomy.com/infographic-the-true-cost-of-homeownership/
Find a descent broker when looking for Insurance. And never ever accept the 1st smooth talker.
There are many new insurers that operate online (e.g. Canadian Tires — yes they offer house insurance too). Because they are online operating there costs are much cheaper.
I found this cool Buy/Rent calculator online. Although it is American it’s pretty useful to use for us Canadians.
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
@derek – condominiums have ongoing fees as well. Everyone needs their cut. lol.
@derek – well for most people owning a home is part of feeling you’ve accomplished an important step in life. Everyone is different.
I still dont understand the importance of owning a home. It cost more, you have to take care of the lawn, there are never ending bills, etc. Makes more sense to own a condo than a home, imho.
My family and I are now the proud owners of two homes and the biggest advice i can give new homeowners which i wish we knew way back is that doing your homework is most important.
Also find a good lawyer that doesn’t look at you as money bags. Not sure if Ontario is different but at $850 for Lawyer fees is really cheap. We had to pay upwards of $3,000 for each home. Maybe its a provincial thing.
I last bought a home back in 1999 and although i have read numerous resources regarding the idea that it is best to own a home rather than rent, for my needs it is more beneficial that i rent.