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What should I budget for a home purchase?

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What should I budget for a home purchase?

 

My husband and I have been discussing purchasing our first home together.

 

We wanted to know, aside from the amount we need to leave aside for a down payment, how much we should be budgeting in for other costs that may arise?

 

What are some examples of extra costs that may come up in the home purchasing process?

Answers

By Canadalend
Here are a few things to keep in mind when starting to budget for a home purchase:
 
•Before moving day: Down payment, legal fees, deposits to builders ( if valid), real estate fees ( if valid), closing costs, land transfer taxes ( if valid), home inspection, up front mortgage costs- appraisal fees, default insurance premiums; not included in mortgage payments. Moving expenses/storage expenses, other expenses.
 
•Once you are moved in: Hook up costs (cable, satellite, phone, and internet), basic furniture/ appliances/ window coverings, other expenses. 
 
•On- going expenses: mortgage payments, mortgage loan (default) insurance, mortgage life insurance ( optional), home/property insurance, utilities:heat/electricity/ water sewer, telephone/internet, cable/ satellite, property taxes ( if not included in mortgage payments), school taxes, maintenance  
 
Remember, taking the time to really do your research and properly budgeting for a home purchase can really make the difference and can save you the headache of having to deal with fees you didnt take into account. It is always better to be prepared!
 
Please feel to contact one of our knowledgeable brokers and agents if you have any other questions regarding budgeting, mortgages and home purchases. More mortgage related information and details can also be found on our website.
 
4 comments
Level 2 (XP: 250)
4 months ago
Contact the CANADALEND Team today to learn more about the budgeting options available
Level 2 (XP: 250)
8 months ago
Make sure to contact our team directly for more information about the options available to you
Level 3 (XP: 950)
12 months ago
Thanks for the info. budgeting is always stressful I now have more knowledge of what to look at.
Level 4 (XP: 1050)
There are so many extra fees involved in the purchase of a home, so much so that I feel bad for the younger generation, the fees are so high most of them dont see the need or the value in owning their own home..

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