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HomeThe Hidden Costs Of Homeownership
Closing costs in BC add 1.5–4% of the purchase price and must be budgeted upfront.
Strata fees, insurance, and utilities are recurring costs that many buyers underestimate.
Maintenance typically requires 1–2%of home value per year.
Renovation financing options (cash, HELOC, mortgage add-ons) all have trade-offs.
A monthly reserve fund cushions against surprises.
Your Path to Smarter Home Financing
Typical closing costs include:
| Item | Estimated Cost |
|---|---|
Legal & Title | $2,000 |
Appraisal | $400 |
Inspection | $500 |
PTT (no exemption) | $13,000 |
GST (if new build) | $37,500 |
Total: $15,900–$53,400
Want me to estimate your closing costs? I can build a personalized breakdown for your price range and location.
Strata/HOA Fees: $250–$800/month, and they usually rise each year.
Utilities: Hydro, water, gas, internet, often $300–$600/month combined.
Insurance: $1,200–$2,500 annually, higher for detached homes.
Rule of thumb: 1–2% of property value per year for maintenance.
| Repair | Typical Range |
|---|---|
Roof replacement | $12,000–$18,000 |
Furnace | $4,000–$7,000 |
Furnace | $4,000–$7,000 |
Hot water tank | $1,500–$2,000 |
Want my one-page BC maintenance checklist? I can share it to help you plan season by season.
Options to fund renovations:
| Option | Approx. Rate | Monthly Payment | Total Cost |
|---|---|---|---|
Cash | 0% | $0 | $40,000 |
HELOC | 7% | $233 (interest only) | $40,000+ |
Mortgage Add-On | 5% | $233 (25yrs) | ~$67,000 |
Personal Loan | 12% | $889 (5yrs) | ~$53,000 |
Closing costs =1.5–4% upfront.
Strata fees, utilities, andinsurance add recurring expenses.
Maintenance =1–2% annually.
Renovation financing has trade-offs.
Your Path to Smarter Home Financing
Typical Ranges:
High-rise condos
$250-$400/month
Low-rise condos
$400-$800/month
Townhouses
$200-$500/month
Expect $200–$800/month.
Fees rise with inflation and building age.
Budget for increases.
Rule: Budget 1–2% of property value annually.
Seasonal Checklist:
1–2% annually for upkeep.
Seasonal planning prevents costly surprises.
Keep a dedicated maintenance reserve fund.
Financing options:
| Cash | HELOC | Mortgage add-on: |
|---|---|---|
$20k out of pocket | ~$117/month interest (at 7%) | ~$106/month (25 yrs) |
Cash = no debt, but drains reserves.
HELOC = best for flexibility.
Mortgage add-on = good if buying/renewing.
Personal loan = last resort.
