Guide to Buying: 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.
Shauna Brownlee Starr is a reliable and honest professional. She has lived in Ottawa all her life and has first hand knowledge of Ottawa neighborhoods. If you are looking to buy or sell a home, Shauna will make sure the job is done right, quickly and without pressure.
