Hidden Homeownership Costs, Doom Spending and Managing Debt After Separation

For most Canadians, the cost of keeping a roof over your head is literally the biggest line item in the budget.

Whether you rent, whether you own, whatever circumstance you're in, for most people, it's a big number.

Plus the cost to maintain it and utilities and all those sorts of things.

Credit Canada has launched a new program called the Keys to Home Confidence.

What we're really trying to do is help people understand what's going on when it comes to housing and their budget and feel a little bit more confident in the actions they take and the choices they make.

To that end, one of the topics that we're going to look at today is the hidden costs, the costs that kind of crop up that you weren't prepared for.

Our guest is Rubina Ahmed-Haq.

She is a personal finance expert, and she joins us from Oakville, Ontario.

Hello there.

Hello.

What is your current view into this topic? Are you a renter, a new homeowner, a seasoned homeowner? How much experience do you have personally in this topic?

I've been a homeowner now for many decades.

I bought my first home in 2005.

So I do have good experience.

I've bought and sold homes.

And I feel like I've seen the real estate market change over time, especially in the GTA.

And definitely I feel for young people trying to get into the market because I know it is a much different game than it was two decades ago.

If you're buying, there is the number that's, you know, the one on the contract that says I'm going to pay this amount of money for the home.

That isn't it.

What are some of the other costs that people should be thinking about and factoring into their budget?

Well, there's some costs that we all talk about.

So there's the real estate fees.

There may be some land transfer taxes.

There's lawyer fees, those things.

I think most people understand that there are some transaction fees that are going to occur.