Ongoing costs are any costs which are required to keep your property running and livable. To calculate your ongoing costs per year before purchasing a property, you need to know exactly what they will be in the future.
If you are moving from the rental cycle into home ownership, some of these costs will be the same as renting, while others such as mortgage payments will replace your monthly rental payments.
A list of these include:
- Mortgage payment
- Municipal/School Tax
- Condo fees
- Utilities (gas, water, electric)
- Property insurance