As the prices of property escalate in the cities of Canada, including those in Alberta, more and more people look at the possibilities of moving to the suburbs and even more remote surrounding areas. Residential real estate prices in the cities have reached a level in which the price of a one-bedroom condo could buy a house in the suburbs. However, some find the cost of living higher than anticipated on the outskirts.
Real estate agents report that some people move up to 100 kilometres out of the city to get larger properties at lower mortgages. But, if one or both spouses have to travel to the city to work, the cost of two vehicles -- including gas and insurance -- can be significant. Even those who use public transit may need a vehicle to get them to the nearest station.
Spending extra hours on the commute to work may mean more daycare costs, and if the family needs to travel to the city for entertainment, those costs can be significant. Also, some homeowners find their time so limited that they outsource house and garden work -- also at additional expenses. Furthermore, some find the prices of utilities and consumer goods are higher in the outlying areas, so figuring whether living in the suburbs is really more cost effective will be a challenge.
Before committing to the purchase of residential real estate out of the city, it may make sense to consult with an experienced real estate lawyer along with a Realtor. These professionals can explain the various costs there will be to face in addition to the mortgage. Knowing all the potential pitfalls may help a potential homebuyer in Alberta to make choices that are based on all the available information when it comes to deciding where to settle with his or her family.
Source: Huffington Post Canada, "Watch Out For The Unexpected Costs Of Suburban Homes", Aleksandra Sagan, April 13, 2017