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How much does it cost to own and maintain a new home?

“Always pick your yard based on your Summer lifetstyle.”


January 8, 2018 - Karl Yeh

When you're planning to buy a new home, do you wonder how much it would cost to own and maintain? In this episode, we discuss the cost of home ownership, maintenance, key renovations and replacements such as landscaping and appliances. 

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Hi everyone and welcome to another edition of Homebuyer's School.

Today I'm joined by Jessica McNabb, Area Manager with Brookfield Residential. The question we are going to answer today is:

How much will it cost to own and maintain a new home?

Karl Yeh:                                                     

So Jessica, what are some of the costs of new home ownership?

Jessica McNabb:                 

That's a great question.

So let's say your mortgage is for $350,000.

When you're looking at the mortgage payment on $350,000, that's [00:00:30] gonna be about $1500 to about $1600 a month.

And then associated costs after the fact would be your property tax.

A lot of people kind of forget about the property tax. You should also budget about $200 to $300 just for property tax.

Other things like the utilities are really important, too. To include into your home.

So another budget.

If it's a 350,000 home, about $150 to $300 just depending on Summer versus Winter.

Those are kind of the main costs associated.

So you're looking at about $2000-

Karl Yeh:                                  A month?

Jessica McNabb:                  For a mortgage [00:01:00] of $350,000.

Karl Yeh:                                  Oh, okay.

Jessica McNabb:                  Per month.

Karl Yeh:                                  

That includes property taxes and utilities.

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What are some key renovations that you do every couple of years or every five years in terms of maintaining a home?

Jessica McNabb:                 


So let's say after about five years, color schemes definitely change. You might want to change your flooring colors, for example.

Karl Yeh:                                   Okay.

Jessica McNabb:                 

Even in terms of just a couple of years, you might want to change your furniture just to freshen up the feel of the home.

Kind of those details.

Exerior renovation for home maintenance

Karl Yeh:                                  

How about the exterior of the home? When [00:01:30] maybe say whether it's the paint or maybe the roof or maybe the landscape ...

What's the average years that, how many years would that be that you changeover and then what are some of the rough estimated costs so to speak?

Jessica McNabb:                 


A lot of times when you're purchasing your new home, the back landscaping and deck won't be completed and you could complete that after the fact.

So typically, they'll give you about a year time slot to complete the deck and landscaping.

Karl Yeh:                                   Okay.

Jessica McNabb:                 

That gives you an estimated time on that.

And then in terms of changing your ... the deck or the paint, maybe about [00:02:00] five to seven years.

Karl Yeh:                                 Five to seven years.

Jessica McNabb:                  Or just a refresh on the paint.

Karl Yeh:                                  

What would be the costs to, you know, would you know the general cost to do that?

Jessica McNabb:                 

So if you're looking at doing your landscaping for example, you would definitely budget about $3000 to about $6000 for your landscaping, so that would be for your grass, your final grade, yeah, the sod, for example.

Karl Yeh:                                  

Now I know from previous experience that there's some things internally that you need to change for like hot water tanks, washer [00:02:30] and dryer.

What's the timeline to replace the hot water tanks and the washer and dryer?

Jessica McNabb:                 

Those ones are definitely warrantied, so everybody has a little bit different of a timestamp.

Karl Yeh:                                   Okay.

Jessica McNabb:                  You could be looking at, at least 10 to 15 years for your appliances.

Karl Yeh:                                   Okay.

Jessica McNabb:                  And they are definitely warrantied before that.

Karl Yeh:                                   Perfect.

                                                   Do you have anything else to add?

Jessica McNabb:                  No. I think that's good.

Karl Yeh:                                   Awesome. Well, thank you very much.


Your turn:

Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below. 

Homebuyer's School publishes new content weekly so subscribe or check back regularly for the latest information, strategies and tips from homebuying experts. 

About Jessica McNabb:

University of Alberta: Bachelor of Science in Registered Nursing 2011 McConnell Place North Alzheimers Care Centre 3 Years - Client Care Leader Brookfield Residential 6 Years - Area Sales Manager Sold over 200 Homes

While a career in Nursing was extremely fulfilling, I also wanted to explore a career in home sales. After 6 years of being in the New Home Sales Industry, I still feel the same sense of fulfillment through taking clients from start to finish building their home.

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