Step 1

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 such as:

• Mortgage application and appraisal fee - due at time of application
• Property Inspection (Optional) - due at inspection
• Legal Fees - due at closing
• Legal Disbursements - due at closing
• Property Survey (sometimes provided by seller) - due at closing
• Land Transfer, Deed Tax or Property Purchase Tax - due at closing
• Mortgage Interest adjustment and take over fee (if applicable) due at closing
• Adjustments for fuel, taxes etc -due at closing
• Mortgage Insurance (and application fee if applicable) - due at closing
• Home and Property Insurance - due at closing and ongoing
• Moving Expenses - date of move
   

Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities. 

What can you afford?
Royal LePage offers a worksheet providing you with a step to step to help you estimate the approximate purchase price of a home you can afford.  Contact Kathy Murphy, Royal LePage Key Realty Agent for a copy of the worksheet, she will gladly walk you through the steps to help you in your decision making.

Next month.... Step 2
Understanding Market Conditions

This information is provided by Kathy Murphy, your Royal LePage Key Realty Agent. 
Kathy says: "Why Wait!" Take advantage of fantastic interest rates, leveled home costs and home improvement government rebates! Let me help you find your dream home with a mortgage that can cost you less than rent!"

For more information and home buying advice contact Kathy today!

Kathy Murphy
519-330-4543

email:  kathymurphy@royalkey.ca