You've done the math. Purchase price, down payment, mortgage payment. Looks manageable. Great.
Now let me tell you about all the money you didn't account for.
I'm not trying to scare you off homeownership — it's genuinely one of the best long-term financial moves most people can make. But going in without budgeting for these costs is how people end up stressed, stretched, and wondering what went wrong. So let's talk about what's actually waiting for you on the other side of "Sold."
Closing costs
These are the fees and expenses that come due when your purchase completes. They vary depending on the province, property type, and specifics of the deal, but as a general rule of thumb, budget somewhere between 1.5% and 4% of the purchase price. This includes things like land title transfer fees, legal fees, title insurance, home inspection fees, and any adjustments for pre-paid property taxes or utilities.
Moving costs
Moving yourself costs less. Hiring movers costs more. Either way, it's not free, and the price goes up with distance, volume, and how many flights of stairs are involved. Budget for this. Don't be the person who's shocked that professional movers charge what they charge.
Immediate repairs and upgrades
That house you just bought probably needs something. Maybe it's a fresh coat of paint. Maybe it's a new appliance. Maybe the previous owner's idea of "updated kitchen" and yours differ significantly. Budget for the things you'll want to do in the first year — because you'll do them regardless.
Ongoing maintenance
A commonly cited rule of thumb is to budget 1% of your home's value annually for maintenance and repairs. On a $600,000 home, that's $6,000 per year. Some years you'll spend less. Some years the furnace dies and you understand why the fund exists. Plan for it now instead of being blindsided later.
Utility and property tax adjustments
Property taxes, utilities, internet — all of these costs change when you move into a new home, sometimes significantly. Get the actual numbers for the specific property before you close so there are no surprises.
The bottom line
A comfortable purchase isn't just about the mortgage payment. It's about the full picture. Know your numbers before you buy — all of them.
I'll walk you through the real cost of any property you're considering, not just the list price. No surprises on my watch.
About the Author
Marc Miiller is a REALTOR® and the founder of Great Alberta Homes, serving clients across Alberta—from city homes to country acreages. With over 25 years of experience working with projects, contracts, and property-related decisions, he brings a perspective that goes beyond what’s on the surface. He helps clients see both the potential in a home and the things worth a closer look, whether it’s a suburban property or a large rural acreage. Known for his no-pressure approach and straightforward communication, Marc is the kind of advisor who keeps the process clear and grounded. He focuses on giving honest guidance so you can make decisions with confidence, wherever you’re headed next.
📞 Cell: 403-860-2500 ✉️ marc@vogelhausinc.com
🏢 100, 1301 - 8 Street SW, Calgary, AB, T2R 1B7
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