By Nina Dragicevic
“Truthfully, I feel the most important shock for individuals shifting out on their very own, and out from a landlord, is basically that they don’t get to name the owner now when one thing goes mistaken,” stated Jennifer Queen, Realtor with The Queen Staff, Re/Max Professionals, in Winnipeg.
Properties require common upkeep, particularly homes — from eavestroughs, dryer vents and furnace filters, to water drainage away from the home, Queen stated.
“When you’re new to this — you don’t have a guardian or a household pal that may advise you — I might truthfully rent a house inspector to return out, even post-purchase, simply to familiarize your self with the property and what to do,” she stated.
Dwelling inspectors ought to have checklists to share with you, she added. It will at the least be a place to begin with an professional, and you may all the time analysis extra on-line.
“‘YouTube College’ is fantastic nowadays,” Queen stated. “It’s additionally a matter of deciding what you’re snug with (fixing your self), and the place it’s good to rent the professionals.”
You may faucet your agent for assist discovering respected contractors, stated Calvin Hexter, Realtor from the Calvin Realty Staff, eXp Realty, in Edmonton. These networks are part of their enterprise shopping for and promoting properties.
“One instrument that I feel is under-utilized is the Realtor,” Hexter stated.
“The Realtor that assisted you to buy the house ought to have a powerful listing of upkeep contacts they are going to present you at any level after the sale. And this will go from electricians to plumbers, to HVAC techs, to roofers, to landscapers — actually anyone. And there must be a stage of credibility there as nicely.”
Condos are a bit simpler and cheaper, he identified, because the board is accountable for the roof, exterior, home windows, and so forth. Your apartment charges contribute to that. Homeowners are accountable for the property inside these 4 partitions, often electrical, plumbing, furnaces and water heaters.
On-line sources and movies are useful, Hexter agreed, and researching spring and fall checklists are a great way to present your property a tune-up because the seasons change. There’s long-term worth in educating your self about dwelling upkeep and common maintenance.
“(I want) you virtually did must undergo slightly little bit of a course earlier than homeownership,” Hexter stated.
“I feel we’d have lots more healthy properties on the market … versus leaping into it after which simply hoping the whole lot is nice, the place usually it’s really not.”
Extra new prices for first-time house owners embrace property tax, dwelling insurance coverage and utilities, although some individuals could already be accustomed to paying the latter, relying on their rental settlement.
Having an emergency fund is a cornerstone of monetary wellness, and owners ought to take this significantly, stated Diane McCurdy, founding father of McCurdy Monetary Planning in Vancouver, and writer of the retirement-planning information How A lot Is Sufficient?
Emergency funds can assist with making your mortgage cost in case of job loss, pop-up bills reminiscent of damaged home equipment, or particular apartment assessments stemming from main repairs or upgrades to the constructing that must be paid by all owners.
“You need to be very conscious of what’s occurred prior to now (with apartment repairs),” McCurdy stated.
“Are there any particular assessments which might be coming down the way in which so that you don’t get any surprises? You actually must learn these apartment agreements, or have a lawyer or member of the family who has carried out this earlier than, learn them so you may see what’s occurred prior to now, what may presumably occur going ahead.”
Someplace between three months or six months of mortgage funds is a wholesome emergency fund for owners, McCurdy added. “The extra sq. footage you get, the extra bills, proper?”
Queen’s personal recommendation about emergency funds is tied to the property worth. Main upgrades, reminiscent of new shingles, may not occur for years, however in case you are tucking away financial savings yearly, you may handle these greater prices with out debt.
“Normally I’m telling individuals, after they personal a house, try to be budgeting about one to 2 per cent of your house’s worth yearly to plan to place again into your home,” Queen stated.
Different shock bills, in response to Investopedia, could embrace storm injury to properties, yard prices together with fallen timber, termites or different pest infestations, and mould. You may also end up buying new gadgets reminiscent of dehumidifiers or garden tools.
You confirmed saving self-discipline to purchase a house, however now it’s a must to maintain going.
“If you wish to be arrange for fulfillment as a house owner, versus a tenant,” Hexter stated, “you’ll have the cash for the down cost, after which have some cash put aside for any large-ticket gadgets that will come due throughout that possession as nicely.”
This report by The Canadian Press was first revealed March 4, 2025.
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Final modified: March 6, 2025