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Guide to BUYING Your Home - 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.
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 PropertyPurchase Tax (in Quebec within3 months following signing) | Closing |
| Mortgage Interest Adjustment andTake 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 |
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Bruce Johnstone