Or, if you’re interested in finding out more about what’s involved in a home purchase, check out some information below or feel free to contact us!
Deciding how much you can afford to spend on your new home is only the beginning when it comes to a home purchase. You also need to make important decisions like what you are looking for in a home and what area you would like to be in.
Try out our Home Buying Checklist to help you make such an important decision!
Real Estate Agent:
A home purchase is likely to be the most significant financial decision you will make. It is important that you are comfortable with the process of finding a home as well as the actual decision to purchase. A reputable Real Estate Agent can help make this process run smoothly.
The amount of the down-payment on a home is most often dictated by what is required, but if you have more available should you increase your down-payment?
While the minimum down payment permitted is 5% of the purchase price of the home, it is always best to put as much as possible towards the purchase. The more you put down, the lower the mortgage, resulting in a lower, easier to manage payment.
Try out our Amount Down Calculator to determine how much you will need for a down payment for the home you want!
Aside from the down-payment (a minimum of 5% of the purchase price) there are other costs to consider. These costs include:
- home inspection fee
- appraisal fee
- legal fees
- survey certificate
- deed transfer tax
- home insurance
- prepaid taxes
- fuel and tax adjustment
- courier fees and registration fees
To see more about these fees, go to the Closing Costs Worksheet.
Additional Costs to consider:
- Moving Costs
- Repairs and Renovations
- Set up for utilities
If you are considering renovations upon purchase or in the near future, please contact us about our Purchase Plus Improvements product.