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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. Margaret Skinner will discuss costs that you can expect to encounter with your particular purchase.
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