The diverse housing styles available in Ottawa probably did not make the choice any easier. With unique brick homes with Victorian design in Glebe and the more traditional homes in Kanata you may have had to rethink and put in a lot of effort before you bought your humble abode.
However, this does not mean that you can kick back and relax. Your financial responsibilities as a home owner are just beginning.
Timely Mortgage and Insurance Payments
It does not matter if you have to make payments weekly, monthly or biweekly; always make your mortgage payments on time. Late payments may affect your credit rating negatively and will also result in late charges. If you continue to fail to make mortgage payments you could even lose the house because of foreclosure.
To avoid such situations, have payments deducted automatically from your account and keep at least three months worth of payments as savings for hard times. If you still have trouble making your timely payments, talk to your lender and see what can be done. Insurance and property tax payments also follow same route. However, instead of foreclosure you might face legal and financial charges in case you are not able to make the payments on time.
There are many on going costs that are related with everyday operations of your home. These include costs like security alarm service costs, gardening service, snow removal service and maintenance and repair costs. If you own a strata or a condo some of these costs will be a part of your monthly association fee.
Save for Emergency Repairs
There are some repairs that you can do on your own and you may also be able to identify most of the repair and maintenance work beforehand. However at times there are some repairs that are unexpected. These can be costly and you be corned into a tricky situation if you do not have an emergency fund set aside.
Live Within a Budget
Though you should have prepared a monthly budget before you bought the house, it is a good idea to start one now. You should monitor your monthly spending and evaluate the change every month. This will help you determine how close you are to reaching your financial goal.
If you have the habit of buying things on credit and spending more than what you earn, it is time to cut back. If you cannot manage your money on your own talk to a professional and save your home and money while you still can.
The real estate market in Ottawa is blooming and flourishing at the moment. Talk to an agent at Bennett Property Shop today and find what else you can do to save costs and the dream house you just bought.