November 5, 2019 – Take Charge of Your Finances this Financial Literacy Month

Calgary, Alberta – Looking to buy a home? Are you ready? Are your finances ready?

November is Financial Literacy Month in Canada. The Real Estate Council of Alberta (RECA) is committed to helping Albertans become knowledgeable about everything they need to know when it comes to making one of life’s biggest financial decisions.

Being a financially literate consumer isn’t just about saving for a down payment and qualifying for a mortgage. There are other costs to consider when looking to buy a home and when owning a home.

Beyond the down payment, other costs that are commonly forgotten in the home-buying process include:

  • a deposit at the time of the offer
  • mortgage interest payable at closing
  • home inspection fees
  • real estate appraisal fees
  • closing costs (e.g. lawyer fees, title insurance, property tax adjustments)
  • moving costs

Costs that should be considered before owning a property include:

  • mortgage payments
  • insurance
  • property taxes
  • condo fees (where applicable)
  • repairs and upkeep
  • utilities
  • furnishings and decor

Before consumers start looking for a home, RECA recommends creating a realistic budget to understand what they can afford.

Consumers can also seek the advice and support of a licensed real estate and/or mortgage industry professional. Alberta’s professionals are regulated by RECA and are among those trained to the highest standards in Canada.

By taking charge of their finances and looking at the bigger picture before jumping into the home-buying process, consumers can ensure that they are empowered, informed, and ready to own a home.

Whether you’re looking to buy your first home or making the switch to a home that better fits your family, buying a home is a big decision. RECA has a number of financial literacy tools available on to help Albertans think outside their mortgage.

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