The above is for illustrative purposes only. Canadian Rates are compounded semi-annually.

Purchasing a new property is never a simple process but budgeting properly can remove a majority of the complications and headaches.

Involving your personal accountant, banker or financial advisor can help ensure that you are not going to be surprised by hidden expenses.

If you intend on living in the new home, it may incur higher expenses than your current home and these costs should be considered beforehand.
In addition to this, there might be renovations, repairs and even landscaping costs to consider.

Some examples could include increased utilities such as electricity and water.
If you’re intending on building your new home, the cost of the land lot will likely incur approximately 25-30 percent of your total budget.

Also consider that your new home may come with higher living costs. Be sure your budget includes:

  •   Appliances
  •   Furniture and decor
  •   Curtains or blinds
  •   Possible renos
  •   Possible landscaping

Be sure your budget also includes:

  •   Utility costs
  •   Yard care
  •   Maintenance
  •   Taxes and legal fees

Don’t forget the land!

Knowing how much to expect your property taxes to amount to is of course priority over knowing the cost of a row of new shrubs, but budgeting for your priorities means you will be ready to turn your new house into just the home you’re imagining.

Remember:  Those who fail to plan, plan to fail.