![]() fencing, baby gates, security system, etc.) Repairs from wind and ice storms (i.e.Replacing large appliances like the stove, washer, or dryer.Buying a new furnace, air conditioner, or water softener (or rental fees if you don’t own them).Make sure you factor these into your monthly and annual budget along with your mortgage payments: Be sure to add these to your basic living expenses list. Things like renovations and new furniture may be obvious to most, but there are other hidden living expenses that come along with owning your new home. Unexpected parts of your basic living expenses list Maintaining your home will cost you about 1 – 2% of your home value per year, according to Harvard University Joint Center on Housing Studies. Maintenance and upkeep (there’s a detailed list below).new thermostat and energy saving windows) snow blower, lawn mower, weed removal service) Property care and the related tools (i.e.No matter where you live in Canada, these are essential living expenses for almost all homeowners: Common parts of your basic living expenses list Keeping a clean, stylish, well-maintained home comes at a price, and often one much higher than you think. ![]() There’s a lot more to home ownership than just mortgage payments and mowing the lawn. It’ll help you stay on top of everything. Congratulations on becoming a first-time homeowner! You’re diving into a huge investment of both time and money, and the best way to make sure you’re successful is to create a basic living expenses list.
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