1 / 10

First Time Buyers in Toronto: Tips to Plan Your Budget

If you are thinking of buying a house in Toronto, then you need to plan and analyze your budget. Here are some tips from a real estate lawyer Toronto. https://www.ldlaw.ca/real-estate-lawyer-toronto

LD
Download Presentation

First Time Buyers in Toronto: Tips to Plan Your Budget

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FIRST TIME BUYERS IN TORONTO: TIPS TO PLAN YOUR BUDGET

  2. Some of the costs associated with buying a home, such as: The closing costs are incurred only once. Other expenses, such as mortgage payments and repairs, are the ongoing costs of owning and maintaining a home. Think about all these expenses and add them to the family budget.

  3. Tips to Plan Your Budget Saving Pre-approval Mortgage Home inspection Ownership transfer fee The Bottom Line

  4. Saving To be safe, it is important to set a realistic goal based on your current income. Meeting with a mortgage advisor can help you estimate the true value of your home and give you an idea of what is required in the buying process.

  5. Pre-approval For the purchase of property, it is advisable to have at least 6.5% of the value. This includes at least 5% of the advance payment required by the regulators and 1.5% of the upfront cost.

  6. Mortgage Now that you have saved enough to pay the down payment and have approved your mortgage in advance, it is time to start the open house. Once there, you may need to pay property taxes, such as resort tax or inclusive tax.

  7. Home inspection Once you become the owner, the inspector can give you an idea of any work to be done on the site. Depending on the type of property and year of construction, on average, a home inspection costs between $ 450 and $ 550. You have to include these costs in your budget.

  8. Ownership transfer fee Pay once; This ratio is based on the excess between the municipal estimate and the purchase price. Real estate lawyer Toronto is required a to guide you in different areas.

  9. The Bottom Line In particular, beginners have many desires, often more than they can actually do. They need to ensure that the house they purchase is affordable for more than the monthly mortgage payment.

More Related