What are my Carrying Costs?

Home Ownership Carrying Cost

Carrying costs for a home are determined by your usage and can be greatly controlled based on your lifestyle and particular needs. When applying for a mortgage the carrying costs considered are the mortgage payment, property tax and utilities. Let’s get to reality now. There is more coming out of your pocket than just this. The true common ownership costs are:


property tax

utilities (heat/hydro/water)

exterior maintenance

home insurance

This is not to say this is your ONLY cost. But these are typical and should be expected.

Condo Carrying Cost

Condo fees can vary in cost and are a big consideration when applying for a mortgage and weighing out your monthly ownership costs. The fees will typically (but not always) include building insurance, a parking space, building and property maintenance, use of facilities (gym, entertainment room, pool) and sometimes heat/hydro/water. Typically your ownership costs per month would be:


property tax

condo fees

heat/hydro/water (if not included in the condo fees)

home insurance (not typical but sometimes recommended)

In the example below you can see that expenses, even though they are paid differently between a house and a condo, they are all relative. Every structure requires payment (mortgage), taxes to be paid, heat/water/electricity, exterior maintenance and the structure to be insured. No two properties will have equal costs in any of the items listed but this example poses the idea of noting these costs in comparison of each other.

Comparison Between A House vs Condo

large graph for house vs condo


In this example consider the monthly costs for both a home and a condo. Having an equal mortgage payment and property taxes does NOT indicate that your costs will be the same between a house, or different condos. One must take in all the factors when deciding even between one condo and another. Sometimes condo fees are higher because buildings are getting older and require repair… it is NOT indicative of a BETTER building. A “Property Maintenance” cost was added to the house to consider the cost of exterior maintenance. This is such because one would either pay for the service or have to use their valuable time to do the work. Time is money. With condos these duties are being done for you and paid for within your condo fees.condo vs house mortgage costs

Use this worksheet to calculate the costs associated with the home of your dreams (or at least the one you are considering). Not all of these numbers are included by your banker when applying for financing but these are numbers you MUST know for yourself. Home ownership comes with lots of hidden costs, you should at least know some of the typical expenditures you are getting yourself into.

Basic Carrying Cost Worksheet

Carrying Costs Worksheet2