Buying What You Can Afford

Determine What You Can Afford?

Purchasing a home involves both one-time costs and on-going expenses. The largest one-time cost that you will have is the down payment. It usually represents between 5-25% of the total price of the property. Refer to the mortgage section for more information.

In addition to the purchase price, there are a number of other expenses that you may be responsible for. Typical one-time expenses include;

• Mortgage application (if there is a fee) and appraisal fee. Paid at the time of application.
• Home inspection (paid at the time of inspection)
• Legal fees (paid at the time of closing.).
• Property survey (paid at the time of closing)
• Land transfer tax (paid at the time of closing.)
• Adjustments for utilities, taxes, etc. (paid at the time of closing) by your lawyer.
• Mortgage insurance (paid at time of closing.)
• Home and property insurance (paid at time of closing or on monthly installments.)
• Moving expenses.