Bob Ferguson, Real Estate, What can you afford?

Determining What You Can Afford

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay.

Typical One-Time Expenses:

EXPENSE	PAID
Mortgage Application and Appraisal Fee	At time of application
Appraisal Fee	At inspection
Property Inspection (optional)	Closing
Legal Fees	Closing
Legal Disbursements	Closing
Deed and/or mortgage registration	Closing
Property Survey (sometimes provided by seller)	Closing
Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing)	Closing
Mortgage Interest Adjustment and Take Over Fee (if applicable)	Closing
Adjustments for Fuel, Taxes, etc.	Closing
Mortgage Insurance (and application fee, if applicable)	Closing
Home and Property Insurance	Closing and on-going
Connection charges for utilities such as gas, water and electricity	Date of move
Moving Expenses	Date of move

Other costs may include landscaping, redecorating, furnishings, appliances and repairs.

Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees (if applicable), property taxes and utilities.

Determine what you can afford | Understand market conditions | Obtain a pre-approved mortgage

What I want in my new home | The major elements of an offer | How to make an offer

Hire a legal professional | Home inspection | Homeowner's insurance

Land Transfer Taxes | Moving Tips | The Home Buyer's Glossary of Terms

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