There’s more to owning a home than just the mortgage payment every month. Home ownership costs fall into two categories: one-time costs and recurring costs.
One-time Costs
When it comes to of the one-time costs, here are a few examples you can expect to pay at or around the time you purchase your home. You will incur: closing costs such as legal and appraisal fees, your RBC mortgage specialist will be able to give you details. Then you need to think about other additional fees such as moving and decorating feed, and all the things you want and need to make your new home feel like home.
Recurring Costs
Here are some of the recurring costs you can expect to pay monthly: your mortgage payment is probably your largest monthly cash outlay and is dependent on the amount you finance, the term and rate. Work with your RBC mortgage specialist to help determine what’s right for you and your budget.
Your lender will require that property insurance is in place at time of closing but it is important to note that this is ongoing expense for the period of your mortgage eg. if you buy a condo your costs will most likely include a monthly maintenance fee.
Talk to an RBC Mortgage Specialist to learn more about the cost of home ownership.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
