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 in the following table:
Typical one-time expenses
| Expenses |
PAID |
Mortgage Application & Appraisal Fee
Property Inspection (Optional)
Legal Fees
Legal Disbursements
Property Survey
Land Transfer, Deed Tax or Property Purchase Tax
Take Over Fee (if applicable)
Adjustments for Fuel, Taxes, etc.
Mortgage Insurance
Home & Property Insurance |
At home inspection
At inspection
Closing
Closing
Closing
Closing
Closing
Closing
Closing
Closing and On-going |
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities, See the "What You Can Afford" Worksheet to help you estimate the approximate purchase price of a home you can afford.
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