Determine 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 for. These are listed in the following table:
Typical One-Time Expenses
|
EXPENSES
|
PAID
|
Mortgage application &
Appraisal fee |
At time of application |
| Property inspection (Optional) |
At inspection |
| Legal fees & disbursements |
Closing |
Property Survey
sometimes provided by seller |
Closing |
Land transfer tax
(in Quebec within 3 months following signing) |
Closing |
| Take-over fee (if applicable) |
Closing |
| Adjustments for fuel, taxes, etc... |
Closing |
Mortgage insurance
(also application fee if applicable) |
Closing |
| Home & property Insurance |
Closing and
On-going
|
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities, See the "What You Can Afford" Worksheet to help you estimate the approximate purchase price of a home you can afford.
