Mortgage loan: the 6 most frequent contingencies

On paper, advertisements for residential projects are all very attractive. You are told that for the price of a rent, you will become the owner. This is not always the case and we wanted to inform you. So before you apply for a mortgage, consider the following contingencies that can blow up your budget.

The backyard

The color of the walls was planned, but the purchase of the lawnmower, shovels and rakes, edgers or secateurs was omitted. Well. We can catch up. But most often, we forgot the costs associated with the use of the pool heat pump. Without a timer, the bill can easily exceed $ 1,000 for a single summer!

The welcome tax

This tax, related to land transfer tax, was first proposed by Liberal Minister Jean Bienvenue in 1976. Since then, all Quebec municipalities welcome you this way! The bill can be very salty. For a property of $ 300,000, it can exceed $ 3,000. Ouch! In order to evaluate it accurately, it is suggested that you contact the taxation department of your municipality. Better to know … Use our calculator to assess the amount of your transfer tax .


When moving from an apartment to a condo or a house, you often have to leave the city and go to the suburbs. A second car, or additional tickets may be required. These underestimated expenses regularly cause a concussion. So when planning your move, count the kilometers, but most importantly, check the transit schedules and traffic of the main voices. You can win on the quality of life … but lose 2 hours a day in traffic congestion.

Construction work

The new house has many nooks? You have to demolish a wall. The balcony is damaged? It must be rebuilt. The shed is old? No choice. This type of work is less expensive than major renovations but can sometimes lead to large bills. Especially if the cleaning and disposal of waste is not included by the improvised workers that are friends and brothers-in-law. If you need to start construction, the article ” How to choose a good construction contractor ” can help.

The sum of “as long as you are there”

The “as long as there” are the expenses that are easily added to the type: because there is furniture on sale. Because the neighbor erected the fence on his side. Because the BBQ is old and the furniture of patios withered … Because a TV of 60 inches is so much better than a 42 … If you multiply the “while being there” before having received your welcome tax, you will find yourself in trouble. A good advice ? Plan and respect your budget. For that matter.

Wear and maintenance

To end the enumeration of the most frequent contingencies, let us go on a general point. Unlike a tenant status, when the toilet breaks, that the hot water tank loose or that the electrical panel is no longer sufficient to the task, you can not call the owner on Saturday morning to send his guys. You are the owner! A house is getting older and sooner or later, roofing, plumbing, fenestration, etc. will require a facelift, so your biggest ally will be the emergency fund. But that’s another subject!

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