Unexpected Costs Of Owning A Home

My parents worked very hard to be mortgage-free. They sacrificed with no restaurants, a restricted lifestyle and reduced holidays. It was hard for them but it is hard for everyone. Remember most mortgages are for 25 years. At Robert Floris’ Mortgage Architects office I started to think about the areas that make paying off your mortgage still difficult. Let’s look at the top five areas that can change during your home ownership days and result in unexpected costs of owning a home.

1. Incomes

For many Canadians incomes have not increased over the last 15 years. Throw in situations like retirement, job stability, divorce and illness and it is easy to see why earnings could fluctuate wildly.

2. Prices

Although incomes remain stagnant, prices of every day items such as fuel, food, education and potentially mortgage rates can have a major impact on your life.

3. Transportation And Raising A Family

Full-time daycare for a child in the Hamilton area is close to $1000 per month. The car industry has been creative. They are giving car loans for a lot longer. What does this mean? Homeowners are carrying car payments longer.

4. Unexpected surprises

Has this not happened to everyone? Where the roof, windows, furnace, air-conditioner, or foundation required work? Of course! Not a great feeling when this occurs. This is why it is important to prepare for unexpected costs of owning a home.

5. Renovations

During the life of a mortgage some areas need updating. Renovations are not cheap but necessary. The nice part is that (if done correctly) it will add value to the market value.

Owning your own castle and setting roots is wonderful but the journey is far from easy. Today I salute all the mortgagors who kept their eye on the prize and stuck it out.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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