Buying a home is exciting, but no one ever said it’s cheap. There’s your mortgage payment, of course. But there are also several ongoing expenses you need to plan for.

Homeowner costs:

• Condo maintenance fees

  If you buy a condo, you’ll be required to pay monthly fees for the maintenance of the common areas of the property (lobby, parking, grounds, etc.). Your condo developer should be able to tell you what these fees will be.

• Home/property insurance

  This insurance protects your valuable assets in case of fire, theft or other damage. Costs vary depending on the size and location of your home as well as the value of your personal property.

• Mortgage life insurance

  This is an optional life insurance you can choose to purchase when you get your mortgage. It repays some or all of your mortgage debt in the event of death. Mortgage disability and job loss insurance are also available.

• Mortgage payments

  Your mortgage payments include a part of the original loan amount and interest.

• Monthly utilities

  Utilities include services like hydro, electricity, gas, cable and internet.

• Property and school taxes

  Homeowners pay taxes to their municipality or town for local services such as hospitals, schools and garbage collection. They’re calculated based on the location and size of your property, as well as the value of your home. Tax information is included with the listing when a home goes up for sale, and you can also ask your real estate agent about it. You can pay property taxes directly to the town or have them included in your regular mortgage payments.

• Property maintenance/repair costs

  This category includes expenses that keep your new home in working order such as furnace maintenance, roof repairs, eavestroughs maintenance, drain repair and tree trimming etc.

• Living expenses
• Routine costs

  These are the costs that maintain your lifestyle – for example, groceries and clothing. You can use a budget tool to help keep track of your expenses and identify areas where you may be able to cut back. The lower your spending, the higher your savings.

• Renovations

  If you plan to upgrade your new home, you’ll need to put money aside to pay for the renovations. You could also take out a loan but, if you do, the monthly payment must be added to your budget.

• Emergency savings fund

  This is your “just in case” money used to cover the cost of unplanned expenses. It’s important for everyone to have emergency savings, and setting aside a little money each month can help you build your fund.