{"id":13104,"date":"2020-04-24T08:00:00","date_gmt":"2020-04-24T12:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?p=13104"},"modified":"2022-01-12T20:31:43","modified_gmt":"2022-01-13T01:31:43","slug":"first-year-of-homeownership-cost","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/first-year-of-homeownership-cost","title":{"rendered":"How Much Does the First Year of Homeownership Cost?"},"content":{"rendered":"\n

When we first bought our home, the excitement took over, and the reality of owning was an afterthought. Nothing changes that mindset quicker than an unexpected expense, and the realization that owning a home, whether it\u2019s your first or fifth, comes with many costs outside of a mortgage and property taxes. <\/span><\/p>\n\n\n\n

For most, spending more money when you become a homeowner isn\u2019t so much a fear, but rather, an expectation. Increasing your expenses, and experiencing this type of lifestyle inflation as a new homeowner means creating an entirely new <\/span>monthly budget<\/span><\/a> that far exceeds your spending habits as a renter. <\/span><\/p>\n\n\n\n

In the first year, after spending a huge chunk of our savings on a down payment, expensing a <\/span>cross-province move<\/span><\/a>, and paying insurance deposits, my partner and I still spent over $40,000 of additional money on first-year home expenses.  Home maintenance and furnishing the property alone totalled to $9,000. It wasn\u2019t a cheap first-year \u2014 but we did our best to prepare for the many expenses that homeowners cannot avoid. <\/span><\/p>\n\n\n\n

If you\u2019re planning to make an offer on a property shortly, here are some of the costs of homeownership you should consider.<\/span><\/p>\n\n\n\n

What Expenses Should You Expect in Year One of Homeownership?<\/b><\/h2>\n\n\n