How to balance your mortgage payments with your lifestyle

Roozbeh - Senior Account Manager

With the purchase of a new property there are a lot of things for you to consider. For example, property taxes, condo fees, maintenance of your lawn if you're in a house.

Those are the kind of things that if you're renting you're probably not paying out.

So it's very important for us to realize what those extra costs are and to find out what is the right balance between having your property and maintaining the lifestyle that you're comfortable with because your financial situation is very unique.

At Royal Bank we can help you find out what that right balance is and how we can help you enjoy your property over a long period of time.

It is important to realize that with what you're about to take on with the purchase of your new property, it is a long term plan and your budget and your lifestyle would change through time.

For example marriage, having a newborn or even a new job, and with a new child in your family, you may have a reduction in income because your spouse might be on a maternity leave, or extra expenses on things like daycare or diapers. We need to make sure that we plan for those kind of things.

With all this in mind you can find the right balance of having a mortgage payment that you're comfortable with. You could either pop in online and play around with some of the numbers that may give you an indication of how much you can afford or you can come into the branch, go through the calculator together, and at the same time have a look at doing the pre-approval for you to make sure that everything is set in place when you're looking to find that ideal property for yourself.

For more information, please visit the RBC Advice Centre