Determine what you can afford


Buying a home involves both one-time costs and more regular monthly expenses. It's important that you take both into account when you're figuring out how much you can spend on a home.

The largest one-time cost is the down payment, which usually represents up to 25% of the total price of the property. Then, in addition to the actual purchase price, there are several other expenses that you may be expected to pay for.

Typical One-Time Expenses
Paid at time of application                                            
-  Mortgage application and appraisal fee 
-  Property inspection (optional)

Paid on closing
-  Legal fees
-  Legal disbursements
-  Deed and/or mortgage registration
-  Property survey (sometimes provided by seller)
-  Land Transfer, Deed Tax or Property Purchase Tax
-  Mortgage interest adjustment and take over fee (if applicable) 
-  Adjustments for fuel, taxes, etc. 
-  Mortgage insurance (and application fee if applicable) 
-  Home and property insurance (closing and on-going) 

Date of move
-  Connection charges for utilities such as gas, water and electricity 
-  Moving expenses

Other costs may include landscaping, decorating, furnishings, appliances and repairs. Typical monthly costs include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.