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 below: |
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, property taxes and utilities.