Found 4 blog entries tagged as property tax.

You’ve got your mortgage pre-approval, and you’re shopping the market for your perfect home. If you find one that’s priced too close to your limit, you run the risk of being house poor. Let’s look at what it is, what you can do to avoid it, and what to do if you are already house poor.

The Costs of Owning a Home

When you begin the process of looking for a home, you may think that the amount in your pre-approval letter and the house sale price are the only things that matter, but that’s not the case. There are several other costs associated with buying and maintaining a home that people often overlook:

Utilities – Your home needs water, electricity, and natural gas to run. You may also require utilities like internet and possibly city services…

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Property Taxes

In Canada, everyone has an opinion about property taxes. Whether city dwellers or rural folk, each side will argue that the other is not paying enough in property taxes, making for a heated and spirited discussion about levies on the residence you worked hard to purchase.

That said, aside from discussions over what the property tax rate should be, this is an important subject since many prospective homebuyers do not consider their annual tax bill as part of their ongoing expenses, whether they own a condominium or a single-family home, which could hurt their wallets in the future.

Planning for annual property tax payments is just as important as researching the rate on your mortgage or determining what your closing costs…

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Buying a home is one of the biggest purchases you will make in your lifetime. While the initial purchase of a home is a big cost, it is important to keep in mind the expected – and unexpected – costs of owning a home. From maintenance fixes and utilities, to insurance and emergency costs, it is important to be aware of the hidden costs of home ownership that might not always be obvious.

Take a look at these hidden costs of owning a home that you might not be aware of.

Courtesy: remax.ca

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