| What
Can I Afford?
There
are two types of costs in buying a home -- the initial amount
you will need for your purchase and the ongoing costs of
paying back your mortgage along with monthly operating costs.
The largest one-time cost is the down payment. It usually
represents 5-10% of the total price of the property.
Typical
One-time Expenses:
- Mortgage
application and appraisal fee
- Property
inspection (optional), due at time of inspection
-
Legal fees, due at the time of closing
- Legal
disbursements, due at the time of closing
- Property
survey (sometimes provided by seller), due at the time
of closing
- Land
transfer, deed tax or property purchase tax, due at the
time of closing.(in Quebec within three months following
signing)
- Mortgage
interest adjustment (if applicable), due at the time of
closing
- Home
and property insurance, at closing and ongoing
- Moving
expenses, due on the date of move
- PST
on High Ratio mortgages
- Realty
Tax Holdback
Typical
Monthly Expenses:
- Mortgage
payments
- Maintenance
(this could be condominium fees, or allocated maintenance
fees)
- Property
and content insurance
- Property
taxes
- Utilities
|
