If you're thinking of purchasing your very own piece of real estate when you move to New Haven because you're tired of the nagging your landlord dished out when you rented apartment real estate in Toronto, you may have an overly rosy picture in your head about what owning a property is like. Sure your name is on the title, but that just means all the responsibilities and obligations of ownership fall on you -- and there are a lot more responsibilities inherent in owning than in renting. Just take a look at this breakdown and you'll see what we mean.

Mortgage

Your mortgage is essentially the same as the rent you paid back when you had that apartment above the Oakville real estate office, only now you get to stop paying at a certain point far in the future. Paid to the bank rather than a landlord, you'll get much less leeway with late payments and if you stop paying they're legally able to sell the house out from under you and leave you with nothing. Mortgages come with different terms and interest rates and it's up to you to find one.

Taxes and Fees

Your mortgage isn't the only regular payment you'll be making if you own a property. The city or county you live in will also require you to pay property taxes, which vary depending on the value of the house and whether you live here in New Haven or own one of those Leslieville homes. Failure to pay can result in the city taking possession of your home. There can sometimes be other fees as well, such as homeowner's association membership dues or monthly condo fees for services like laundry or parking.

Utilities

Whether it's a subdivision of Mississauga homes or a converted apartment in New Haven, all dwellings need heat, electricity, and water. You'll need to make monthly payments to private or state run companies to ensure that you have these necessities and failure to pay will result in your power/water/heat being cut off.

Maintenance

Remember that "fixer upper" your old Poughkeepsie, NY real estate agent showed you that was practically falling apart? That's what your house is going to look like if you don't take care of it. Things are forever springing leaks or breaking or needing to be replaced in a house, so be prepared to always have something on your "to do" list. If you know some plumbing, carpentry, or electrical work, you can do most repairs yourself, but if you don't, you'll need to shell out for a professional. Condo owners aren't spared these obligations either - they're responsible for their own unit and pay a monthly fee to help maintain the building.