By Nina Dragicevic
“Truthfully, I believe the largest shock for individuals shifting out on their very own, and out from a landlord, is absolutely that they don’t get to name the owner now when one thing goes mistaken,” mentioned Jennifer Queen, Realtor with The Queen Crew, 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 mentioned.
“When you’re new to this — you don’t have a mother or father or a household good friend that may advise you — I might actually rent a house inspector to come back out, even post-purchase, simply to familiarize your self with the property and what to do,” she mentioned.
Residence inspectors ought to have checklists to share with you, she added. It could at the very least be a place to begin with an knowledgeable, and you may at all times analysis extra on-line.
“‘YouTube College’ is fantastic as of late,” Queen mentioned. “It’s additionally a matter of deciding what you’re snug with (fixing your self), and the place you must rent the professionals.”
You possibly can faucet your agent for assist discovering respected contractors, mentioned Calvin Hexter, Realtor from the Calvin Realty Crew, eXp Realty, in Edmonton. These networks are part of their enterprise shopping for and promoting houses.
“One device that I believe is under-utilized is the Realtor,” Hexter mentioned.
“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 needs to be a stage of credibility there as properly.”
Condos are a bit simpler and cheaper, he identified, because the board is answerable for the roof, exterior, home windows, and so forth. Your condominium charges contribute to that. Homeowners are answerable for the property inside these 4 partitions, normally electrical, plumbing, furnaces and water heaters.
On-line sources and movies are invaluable, Hexter agreed, and researching spring and fall checklists are a great way to offer your property a tune-up because the seasons change. There’s long-term worth in educating your self about residence upkeep and basic maintenance.
“(I want) you virtually did should undergo just a little little bit of a course earlier than homeownership,” Hexter mentioned.
“I believe we’d have lots more healthy properties on the market … versus leaping into it after which simply hoping every part is sweet, the place typically it’s really not.”
Extra new prices for first-time house owners embody property tax, residence 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 economic wellness, and owners ought to take this critically, mentioned Diane McCurdy, founding father of McCurdy Monetary Planning in Vancouver, and writer of the retirement-planning information How A lot Is Sufficient?
Emergency funds might help with making your mortgage fee in case of job loss, pop-up bills resembling damaged home equipment, or particular condominium assessments stemming from main repairs or upgrades to the constructing that should be paid by all owners.
“You must be very conscious of what’s occurred prior to now (with condominium repairs),” McCurdy mentioned.
“Are there any particular assessments which might be coming down the best way so that you don’t get any surprises? You actually should learn these condominium agreements, or have a lawyer or member of the family who has finished this earlier than, learn them so you’ll be able to see what’s occurred prior to now, what might probably 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, resembling new shingles, won’t occur for years, however if you’re tucking away financial savings yearly, you’ll be able to handle these greater prices with out debt.
“Often I’m telling individuals, after they personal a house, you ought to be budgeting about one to 2 per cent of your property’s worth yearly to plan to place again into your own home,” Queen mentioned.
Different shock bills, in keeping with Investopedia, could embody storm injury to houses, yard prices together with fallen bushes, termites or different pest infestations, and mould. You may additionally end up buying new gadgets resembling dehumidifiers or garden tools.
You confirmed saving self-discipline to purchase a house, however now you need to maintain going.
“If you wish to be arrange for fulfillment as a house owner, versus a tenant,” Hexter mentioned, “you’d have the cash for the down fee, after which have some cash put aside for any large-ticket gadgets which will come due throughout that possession as properly.”
This report by The Canadian Press was first printed March 4, 2025.
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Final modified: March 6, 2025