Costs of Home Ownership

Before you buy your first home, it's important to understand the costs you can expect to pay as a home owner.

To give some estimates, we'll assume you bought a 1,600 square foot, 10-year old single-family home in Maple Ridge.

Here's a summary of your estimated home ownership costs beyond your mortgage:

Security

New locks - $200
Alarm system - $30/month
Security cameras - $300

Plumbing

Pipe burst repairs - $300
Faucet replacement - $300
New toilet - $300

Renovation

Painting - $2,500
New flooring - $5,000
Window treatments - $1,000
Kitchen appliances - $6,000

Taxes and utilities

Property taxes - $320/month
Municipal utilities - $58/month
Hydro, gas - $275/month
Cable, phone, internet - $225/month

Garden

New fence - $3,000
Seed spreader, seeds - $40
Lawn mower - $350
Weed trimmer - $100
Hedge trimmer - $100
Landscaping tools - $300

Energy efficiency

Window replacement - $600/window
Caulking, spray-foam, weather stripping - $250
Furnace replacement - $3,000
Tankless water heater - $1,500
Standard water heater - $1,000
Electrical upgrades - $1,000

Maintenance and repair

Roof replacement - $20,000/20 years
Shingle maintenance - $450/5 years
Gutter clearing - $150/year
Power washing - $150/year
External paint - $7,500/10 years
Drain tiles - $10,000/20 years
Deck, patio, shed maintenance - $100/year
Pest removal - $200
Garage door repair - $200
Driveway resealing - $500

Peace of mind

Disaster kit - $200
Backup generator - $400
Home insurance - $1,000/year

For more information please visit the following link: rebgv.org