Planning Beyond the Mortgage

Planning Beyond the Mortgage—What Buyers Often Forget

You’ve chosen your mortgage type, you’ve been pre-approved, and you’re ready to shop for homes in Barrie, Innisfil, Orillia, or elsewhere in Simcoe County. But even if you’ve saved your down payment and budgeted for monthly mortgage payments—there’s more to the story.

Planning Beyond the Mortgage: Don’t Forget the Costs That Come After the Keys. Shannon Murree Real Estate with REMAX

1. The True Cost of Homeownership

Closing Costs
Set aside 3–4% of the purchase price for things like:

  • Legal fees

  • Land transfer tax

  • Title insurance

  • Appraisal and inspection fees

Home Maintenance Fund
Expect to save 1% of the home’s value per year for repairs. Roofs age. Furnaces quit. You don’t want surprise expenses draining your emergency fund.

Utilities & Insurance
Budget realistically. Heat, hydro, water, and home insurance all add up—especially in older homes or larger properties.

2. Emergency Fund Still Matters

Owning a home doesn’t mean pausing life.
You’ll still need:

  • A reliable vehicle

  • Groceries and gas

  • Emergencies (health, job loss, car repairs)

Never funnel every last dollar into your home. You’ll regret it the first time your furnace dies in February.

3. Mortgage Isn’t Just About the Rate

Sure, getting the lowest rate feels great—but ask your lender:

  • What are the penalties if I break early?

  • Are there prepayment privileges?

  • Can I increase payments later to pay it off faster?

Those “extras” can save you thousands in the long run.

Final Word: Buy with Eyes Open

Whether you’re buying your first home or upgrading, remember this: smart buyers think beyond the keys. They understand the full cost of ownership—and have a game plan for staying financially resilient.

Ready to move forward?
Let’s create your strategy—mortgage, maintenance, and all.

 

Ready to Buy, Sell, Rent, or Invest in Simcoe County?

Whether you’re buying your first home, renting, investing, or preparing to sell, the Shannon Murree Group | Real Estate With Impact – RE/MAX Hallmark Chay provides inclusive, professional guidance throughout Simcoe County. As the only McGillivray Trusted Agent in Simcoe County for Barrie, Innisfil, Oro, and Orillia, we offer trusted insight, strong community connections, and a no-pressure approach that puts your goals first.

Let’s connect. Your move matters—and we’re here to make it count.

Also, feel free to connect with us real-time on social media!

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