Tips on Buying
So, you've decided you want to own a home. It's a popular dream. For most people, with the right planning, it can become reality. But there is a lot to know before you begin moving. I will take you through the planning process step-by-step, to determine exactly the kind of home that is perfect for you.
What Can I Afford?
There are two types of costs in buying a home -- the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-10% of the total price of the property.
So, you've decided you want to own a home. It's a popular dream. For most people, with the right planning, it can become reality. But there is a lot to know before you begin moving. I will take you through the planning process step-by-step, to determine exactly the kind of home that is perfect for you.
What Can I Afford?
There are two types of costs in buying a home -- the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-10% of the total price of the property.
Typical One-time Expenses:
- Mortgage application and appraisal fee
- Property inspection (optional), due at time of inspection
- Legal fees, due at the time of closing
- Legal disbursements, due at the time of closing
- Property survey (if desired, not required to buy)
- Land transfer tax (see calculator)
- Home and property insurance, at closing and ongoing
- Moving expenses, due on the date of move
Typical Monthly Expenses:
- Mortgage payments
- Maintenance
- Property and content insurance
- Property taxes
- Utilities