Inside the home
Systems and finishes you may need to maintain or repair:
- Furnace and HVAC
- Plumbing and water heater
- Electrical systems
- Appliances
- Windows
- Water damage and related repairs
UNDERSTAND FREEHOLD OWNERSHIP
Plan for the home
beyond the mortgage.
More control over your property also means planning for repairs and ongoing care.
A freehold owner generally maintains the home and land directly. The exact responsibilities depend on the property and any shared arrangements. A monthly condo fee may be absent, but maintenance costs still exist.
No condo fee doesn’t mean no maintenance cost.
Build room in your budget for ordinary upkeep and unexpected repairs.
You manage the maintenance budget.
With no regular condo fee collecting for shared building work, you plan for upkeep and pay for repairs when they arise.
01
Each month
Make room for maintenance in your own budget.
Set funds aside
02
Routine upkeep
Pay for the care your property needs through the year.
Heating serviceLandscapingSnow removal
03
Larger repairs
Some costs arrive irregularly and can be substantial.
RoofFurnaceWindows
This illustrates how to plan; the timing and cost depend on the condition of the specific home.
Outside the home
Property features that can create routine or occasional costs:
- Roof and exterior finishes
- Foundation
- Driveway and garage
- Landscaping and snow removal
- Trees and fencing
- Exterior windows and doors
Home A vs. Home B
HOME A · RECENT UPKEEPHOME B · REPAIRS TO REVIEW
Imagine two homes at the same purchase price. Their mortgage payments may be similar, but their near-term maintenance needs could differ.
Recent major upkeep
- Roof recently replaced.
- Furnace recently replaced.
- May have fewer immediate repairs to budget for, subject to the rest of the home’s condition.
Upcoming work to investigate
- Roof may need replacement soon.
- Furnace age and condition need review.
- May require more cash for repairs in the near term, beyond the mortgage payment.
These are fictional examples. A qualified inspection, records and professional advice help you assess an actual property.
Questions before you make an offer
- What is the age and known condition of major systems?
- Which repairs were completed, and are permits or warranties available?
- What could need attention in the next few years?
- How much can you set aside each month for upkeep and unexpected costs?
- Are there shared elements or agreements that affect responsibilities?
Compare your ownership budget with your take-home income in the Homeownership Comfort Calculator.