Before you buy your new home to enjoy your retirement be sure to do the math

By Blythwood Homes    In Great News

When you are assessing that all important move to what is likely your final home, be sure to look at the ongoing costs for home ownership as well as the purchase price. After all, the ongoing costs of home ownership become important when living on a retirement income. But before you commit to that dream home, it makes good sense to check out all the costs associated with your new home, including recurring expenses such as heating, cooling, water bills and maintenance, as they can be significant.

For instance, what are the taxes going to be? Taxes can vary substantially from area to area. So be sure to ask what the taxes are expected to be based on the home price you are contemplating. Many adult lifestyle communities, include property maintenance and snow removal and some include membership in a club house or association. These can be great features but be sure to check out the monthly fees you will be expected to pay.

One expense that could prove to be surprising is the cost of water. Water rates are expected to increase steadily as the Province and each Region continue to finance improvements to treatment plants. (In all Blythwood homes with humidifiers we install the “Desert Spring” humidifiers which use 90% less water than the popular “Flow Through” brands.)

While we are all aware that energy prices in recent years have increased, one method of insulating one’s self from these unreasonably high costs is to purchase a home with Energy Star certification, which will save your substantial dollars on both heating and air conditioning. The Energy Star rating also assures you that your home has been inspected by independent experts. Should your plans change, the Energy Star sticker on your home will make re-sale a lot quicker. Most importantly, with an Energy Star home you will save big on hydro costs for air conditioning which are becoming a bigger part of home operating costs.

You should also enquire about the windows proposed for your new home. If you want to stay cool during the summer months but also save on electricity bills ask if the builder supplies glass to block UV rays and heat from the sun. Blythwood supplies optional Cardinal 366 glass on south and west exposures. The Cardinal 366 glass blocks up to 95% of the sun’s damaging rays, setting a new standard in energy performance and comfort.

One of the great things about buying a new home is that your day to day maintenance costs should be rock bottom. Be sure to ask about the type of roofing provided. The roof is the most important element for your home and can be very expensive to replace. Traditional asphalt shingles are supposed to last 12-20 years so you could be faced with a big bill sometime in the future. Asphalt shingles with fiberglass have a much longer life span. Blythwood Homes includes Timberline Lifetime High definition fiberglass Shingles with 50-year warranty as standard.

So, before you decide on a new home purchase, review your prospective taxes, utility costs and repair costs to avoid unpleasant surprises.