How much does it cost to own a home in Winnipeg?
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Aside from the mortgage payment, how much does it actually cost to own a home in Winnipeg? What are all the costs involved in buying a home?
These costs are rough estimates and of course will vary, depending on the size and construction quality of the home. Heating bills, especially, can vary widely. Water bills are affected by the size of the property (how much lawn will you be watering in July?)
Electricity mostly depends on the size of the household. How many computers, TV’s and bedroom lights will be on every evening? And home insurance depends on many factors, such as age of the home, size and value of the home and even the neighbourhood.
Property Taxes
Depending on your area, value of the home, lot size and about 20 other factors, Property Taxes in Winnipeg can vary from about $1500 a year to tens of thousands a year. This is also considered one of the major home owning costs. Your ‘average’ home owner however should budget for between $200 and $300 per month. That latter would cover a home with a GROSS property tax of $4,300 a year, (minus the current Homeowners Tax Assistance of $700)
Home Insurance
In a house, the owner needs to protect the entire building (and any outbuildings) from a variety of perils. Again depending on the value of those buildings, the insurance will vary, but as a general point of reference, owners should budget between $75 and $100 per month. In a high-rise condo, this will be significantly lower cost to own a home.
Heating & Electricity
Combined, the owner should budget for between $120 to $220 a month, approximately. Much depends on the size of the home and family, as well as the quality of the home‘s insulation.
Water & Sewer
On average, you should expect bet. $50-$80 per month, again depending on usage. Have a large pie-lot that needs watering? Got 3 teenage boys that take lots of hot showers? Or are you an empty nester with very few watering needs? All these things affect your water bill as a home owner. This is another category which is normally covered by the condo fees, so condo owners already pay for this service.
Emergency Fund
Unless your home is brand new and everything is still under warranty, a home owner is well advised to set aside a small emergency fund. In a condo, this is usually included and called a ‘Reserve Fund‘. If you are buying a house, this should be calculated as one of the potential cost to own a home in Winnipeg.
What other cost to own a home are there?
Furniture and appliances, lawn maintenance, life insurance and other incidentals should be on your budget lists.
I hope that this does not discourage you from buying a home, as there are many benefits to home ownership that far outweigh the costs.
Also, if you’re looking to buy your first home, don’t forget that condominiums offer a great opportunity to get into the real estate market. There are many reasons why a condo might be right for you. The condo fees are an often maligned and mis-understood issue. The fact is that condo fees often replace, or reduce, some of the usual home owner costs listed above.
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[spp-optin] [spp-ctabuttons]Also check: Closing Costs when buying a house or condo in Winnipeg
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