Buyer's Guide: Determine what you can afford | Understanding market conditions | Obtain a pre-approved mortgage | Hire a legal professional & Have the home inspected
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 |
Closing |
| Purchase Tax (in Quebec within 3 months following signing |
Closing |
| Mortgage Interest Adjustment and Take Over Fee (if applicable) |
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.
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