Now You’re a Home Owner

Your Responsibilities

It’s very important to make all your payments on time. Your lender will set-up an automatic payment from your chequeing or savings account. You may want to inquire about overdraft protection for this account as additional protection. Late payments will negatively affect your ability to obtain additional credit such as credit cards or even a mortgage renewal. If you fail to make payments your lender may initiate foreclosure which may lead to a court ordered sale of your property.

Plan for Maintenance Costs

Set aside an amount each month equal to 25% of your mortgage payment as a cushion against unexpected repairs or planned updates. It’s much better to have these funds saved than it is to borrow for a new roof or emergency repairs. If you are buying a condominium you should save at least 10% of your payment to cover special assesssments, repairs, or to replace appliances, etc.

Do Regular Maintenance

Have your home inspected by a professional every three years if you’re not familiar with the systems or functions of each part. An inspector will help you plan future maintenance by providing a list of things that will need work and a timeline for the repairs. A regular inspection will find small problems before they become expensive repairs.

Renovate With Care

Home renovation shows that make flippers and other real estate investors seem like celebrities are hollywood magic. Your home is special to you and renovations should reflect not only your taste but the expectations of the market. Work should be done by a qualified tradesperson who can offer you a warranty. Above all, renovations should reflect the highest and best use of your hard-earned money. There are no shortcuts to quality work.