The list of monthly expenses goes beyond the costs related to buying a home. Here’s a list of essential expenses to include in your monthly budget:
Most likely, this will be your biggest ongoing expense. Have a chat with your bank representative to go over a fixed monthly payment schedule that works best for you.
Make sure that you can afford the monthly payment and that it will not squeeze any of your disposable income. Remember that you have other expenses to take into consideration. So before settling on a monthly payment, prepare an estimate of other expenses to avoid any difficulty in keeping up with paying off your loan in the long run.
These are household essentials that you, as a homeowner, will need to cover monthly. Water, electricity, heating, gas, and other services including Internet, cable, and telephone services.
If you’re living in an apartment, there is a condominium fee for the upkeep of the property. The cost includes:
↦ General maintenance of the building’s common areas
↦ Additional services and amenities e.g., swimming pool, lift maintenance and lift telephone line
Double check whether a portion of your condominium fee goes to a reserve fund to cover expected large expenses (usually related to building maintenance) or unexpected repairs that you would need to contribute towards, over and above the standard fee.
Ask for the condominium payment schedule so that you will be informed if such fees will increase.
Regardless of whether you’re living in a house, or an apartment, maintenance and repairs are a given. Always expect the unexpected. So, to avoid a financial shock, save up for such occasions by regularly setting aside savings to pay for ongoing or upcoming costs.
Being covered by home insurance helps protect your home and its contents in the event of theft, loss, or damage inside and/or outside your property. Depending on the cover you opt for, the policy may also make up for the cost for additional living expenses (hotel or rent) if you are temporarily unable to live in your home.