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.
