Homebuying Step by Step: Your Guide to Buying a Home in Canada
Maintaining your home and protecting your investment Becoming a homeowner is a major responsibility. It’s up to you to take care of your home and protect what is likely your biggest investment. After you buy
Plan for the costs of operating a home You will have several ongoing costs besides your mortgage, property taxes and insurance. Maintenance and repair costs are at the top of the list, along with expenses for security monitoring, snow removal and gardening. If you own a condominium, some of these costs may be included in your monthly fees.
Live within your budget
Make your mortgage payments on time You can make your mortgage payments weekly, every two weeks or once a month. Whichever schedule you choose, always make your payments on time. Late or missed payments
Save for emergencies Your home will need some major repairs as it ages. Set aside an emergency fund of about 5% of your income every year so you’ll be prepared to deal with unexpected expenses.
Prepare a monthly budget and stick to it. Take a few minutes every month to check your spending and see if you’re meeting your financial goals. If you spend more than you earn, find new ways to earn more or spend less.
may result in charges or penalties, and they can
negatively affect your credit rating. If you’re having trouble making payments, talk to your lender as soon as possible.
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