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5 Unexpected Homeownership Costs New Buyers Never See Coming

  • Writer: Karen Reimer
    Karen Reimer
  • Apr 21
  • 4 min read
Empty room with moving boxes in new home - unexpected homeownership costs

You've done your homework. You've saved for the down payment, budgeted for the monthly mortgage payments, and set aside money for closing costs. You're prepared for homeownership... or are you?


As mortgage professionals who've guided hundreds of clients through their first years of homeownership, we've seen the same surprised expressions when certain unexpected expenses pop up. Let's pull back the curtain on these unexpected homeownership costs so you can be truly prepared for the realities of owning your new home.


1. The "Empty House" Effect

Picture this: You get the keys to your new home, walk through the front door, and suddenly realize just how empty it feels. Even if you're bringing furniture from your previous place, new homes have a way of demanding more.


The Reality Check:

  • Window treatments for a 3-bedroom home typically cost $1,000-2,500

  • Essential furniture for a new home averages $3,000-7,000

  • Basic lawn and garden equipment runs $500-1,200 for new homeowners


Smart Solution: Before closing, measure every window and make a floor plan with your existing furniture. Create a priority list of what you'll need immediately versus what can wait a few months. If the home doesn't include window coverings, consider starting with just the bedrooms and bathrooms for privacy, then gradually adding treatments to other areas as your budget allows.


2. The Utility Surprise

Many first-time buyers, especially those coming from apartments where some utilities were included, experience serious sticker shock from their first few bills.


The Reality Check:

  • The average Canadian household spends $2,500-4,000 annually on electricity, heating, and water

  • Utility costs can vary dramatically by province, with Quebec residents typically paying the lowest electricity rates and Ontario residents among the highest

  • Summer water usage for lawn maintenance can increase water bills by 35-65% during growing season


Smart Solution: Ask the sellers for copies of their utility bills from the past year. Most are happy to share this information, giving you a realistic picture of what to expect. Also check with utility providers about budget billing options that spread costs evenly throughout the year.


3. The Maintenance Time Trap

Money isn't the only resource homeownership demands - time is a major factor that catches many new homeowners by surprise.


The Reality Check:

  • Yard work: 3-5 hours weekly during growing season (May-September)

  • Seasonal maintenance: 4-6 hours quarterly for tasks like gutter cleaning and HVAC servicing

  • General upkeep: 5-7 hours monthly for routine maintenance


Smart Solution: Create a simple seasonal maintenance calendar. Decide upfront which tasks you'll handle yourself and which ones make sense to outsource based on your time constraints and interests.


4. The Professional Network Gap

When the sink starts leaking at 10pm or the garage door suddenly won't open, you can't call the landlord anymore. Building a reliable network of home service professionals takes time and can be costly when done in emergency situations.


The Reality Check:

  • Standard service calls typically cost $85-150, while emergency calls range from $125-250

  • Finding trusted professionals through trial and error can lead to paying for the same job twice

  • The average Canadian homeowner will need to call a professional for 2-4 issues annually


Smart Solution: This is where we can help! As your mortgage partner, we maintain relationships with trusted professionals across all home service categories. Reach out before you need emergency help, and we'll connect you with professionals that we trust even to do the work in our own homes.


5. The "Small Projects" That Aren't

New homeowners often underestimate both the cost and time required for what seem like simple home improvement projects.


The Reality Check:

  • Interior painting for a 3-bedroom home professionally costs $2,500-5,500

  • What seems like a weekend project often takes a full week when DIY

  • According to contractor surveys, the average homeowner underestimates project costs by 25-40%


Smart Solution: For your first year, focus on living in the home before making major changes. This gives you time to understand how you use the space and prioritize improvements that will truly enhance your lifestyle. For necessary projects, get at least three quotes and add 15-20% to your budget for unexpected complications.


Your First-Year Financial Survival Guide: Managing Unexpected Homeownership Costs

Beyond specific expenses, here's a simple approach to managing the financial uncertainty of your first year of homeownership:


  1. Create a dedicated home expense account - Budget 1-3% of your home's value annually for maintenance and repairs

  2. Track every home expense - Use a simple spreadsheet or app to categorize and track spending, helping you budget more accurately for year two

  3. Prioritize emergency systems - Allocate resources to maintaining crucial systems like plumbing, heating/cooling, and anything structural before cosmetic improvements

  4. Consider what tasks you're comfortable handling - Identify which home maintenance tasks match your skills and interests, and budget for professional help with the rest


We're Still Here For You

Remember, our relationship doesn't end at closing. As your mortgage advisors, we're invested in your long-term financial well-being and successful homeownership. If you're facing unexpected costs or considering home improvements that might affect your equity position, reach out for guidance.



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