Buying and Maintaining a Home: Planning Your Housing Budget

peter rawski - Buying and Maintaining a Home

This worksheet is designed to help you identify the costs involved in buying and maintaining a home. It will also help you determine how your expenses might change once you move in.

Some costs involved in buying a home, such as closing costs, happen once only, while others like mortgage payments and repairs are ongoing expenses of owning and maintaining a home. Take all of these costs into consideration and include them in your household budget so that you can handle them over the long run.

 

How to use this worksheet

First, scan all the categories listed in the worksheet. Add any other expenses that you can think of in the rows titled Other expenses. When you have an idea of the size and price of home you are considering, enter the estimated expenses for each category. If you are unsure about how much a certain category of expense is likely to cost, ask friends, family, or a mortgage professional for guidelines on costs in your area.

One-time expenses

Fill out the section titled Estimated one-time expenses.

  • Total the one-time expenses.
  • Subtract the amount that you have already saved to buy your home.
  • Divide that result by the number of months you have to save the remaining money. For example, if you are buying your home in six months, divide the result by six to figure out approximately how much you need to save each month to cover these expenses. Include this monthly amount in your budget for the number of months you identified.

Ongoing expenses

Ongoing expenses

Fill out the section titled Estimated monthly expenses.

  • If you identify any annual expenses that only occur once a year, divide them by 12 to get monthly estimates.
  • Total the ongoing expenses. Include this total in your monthly budget to help you plan ahead.

If you don’t have a budget or would like to learn more about budgeting, see FCAC‘s budget worksheet, Making a Budget and Sticking to It.

Costs involved in buying and maintaining a home: Worksheet
Costs involved in buying and maintaining a home: Worksheet
One-time expenses Estimated one-time expenses
Before moving in
Down payment
Legal fees
Deposits to builders (if applicable)
Real estate fees (if applicable)
Closing costs
Land transfer taxes (if applicable)
Home inspection
Up front mortgage costs — e.g. appraisal fees, default insurance premiums (if not included in mortgage payments)
Moving expenses/storage expenses
Other expenses: ________________________
Shortly after moving in
Hook-up costs (cable, satellite, phone, Internet)
Basic furniture/appliances/ window coverings
Other expenses: ________________________
TOTAL one-time costs
Subtract amount of money already saved
Balance to be saved
Divide by the number of months before your home purchase
Monthly savings target for budget
Ongoing expenses Estimated monthly expenses
Regular expenses
Mortgage payments
Mortgage loan (default) insurance (if required and not included in mortgage payments)
Optional – mortgage life/disability insurance (if not included in mortgage payments)
Home/property insurance
Utilities: -Heat/electricity
-Water/sewer
Telephone/Internet
Cable/satellite
Property taxes (if not included in mortgage payments)
School taxes (if paid separately from your property taxes)
Condominium fees (if applicable)
Cleaning supplies/service
Repairs/maintenance – (e.g. roof repairs, painting, plumbing etc…); as a general guide – budget one to three percent annually of the value of the home, then divide by 12, annually for for repairs and maintenance)
Other day-to-day expenses: ________________________
Occasional expenses (divide by 12 for a monthly number)
Landscaping/lawn service
Snow removal service
Additional furniture and appliances
Other occasional expenses: ________________________
Monthly ongoing expenses (use this total and enter it into your monthly budget)

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