Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

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2. > For Consumers
3. > Choose a Life Event
4. > Owning a Home
5. > Maintaining a Home

Maintaining a home

The costs to maintain your home can vary widely. Some of the main costs include:

• mortgage payments
• property taxes
• utilities
• condo fees (if applicable)
• property insurance
• renovation costs
• landscaping
• repairs and maintenance.

You may be surprised by how much money you spend on maintaining your home.  Being aware of all the costs and planning ahead will help you make a realistic budget and stick to it.

Remember to include in your budget major projects you will need to do over the next few years, such as replacing a roof or a furnace. Try to build regular savings for these projects into your monthly budget to avoid taking on more debt when you start them. Remember also to put aside funds to pay for unexpected expenses that could otherwise throw your household budget off balance.

The FCAC online Budget Calculator and the tip sheet Buying and Maintaining a Home: Planning Your Housing Budget can help you make a realistic budget.

Protecting your home

One of the most important things you need to do as a homeowner is to protect your home and belongings by buying home (property) insurance. Home or property insurance can cover the costs of damage to your home or loss, damage or theft of your personal possessions. As you shop around and compare insurance policies, look carefully at the coverage they provide as well as the price. For more information, read the home (property) insurance section.

Protecting yourself from real estate fraud

You may wish to protect yourself against the possibility of real estate fraud. There are two types of real estate fraud: title fraud and foreclosure fraud.

• Title fraud happens when the ownership, or “title” to the home is stolen, and then the fraudster sells the home or applies for a new mortgage against it.
• Foreclosure fraud happens when home owners are having problems making their payments. Victims are tricked into transferring their property title in return for a loan that will help them make their payments. The fraudsters usually keep the payments you make and also have the title to your home, which they can resell or remortgage.

To learn more about these two types of fraud and how to protect yourself, read the real estate fraud section.

Remember most real estate fraud involves some kind of identity theft. To protect your home from real estate fraud, you should also protect yourself against identity fraud.

Related Resources

Date Modified:

2012-07-17