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Ongoing Costs

There are certain ongoing costs to owning a home, as opposed to renting a place.

There will be property taxes that need to be paid yearly. Usually these are paid in advance either by adding an amount to the monthly mortgage payment or enrolling in a monthly payment plan with the municipality, such as TIPPs. You can find out the amount of property taxes for the home you are considering from your real estate agent, lawyer or the municipality.


Unlike some renters, buyers will be responsible for heating, water and electricity costs. The current owner of the home can provide potential buyers with information about the average cost of utility bills. Buyers may want to consider the energy efficiency of the home as one factor when making the decision to buy.

Buyers may also need to buy furniture, appliances, window coverings, as well as supplies and tools to do repair and maintenance work.

If the property is a condominium there will be condo fees that may or may not cover some utility costs. The buyer will have to arrange and pay for utilities to be hooked up and billed to them as the new owners of the property. Utility companies may also require a deposit before hooking up services.

Home owners are also responsible for any repairs required. The condition of the house and anticipated repairs should be considered when deciding whether to buy a home and, if so, how much to offer for the home.

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