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.