Having your own home is your sanctuary where you can relax, enjoy your hobbies and express your way of life through your decor. We all have house goals, but be sure you are financially stable to handle this large of a purchase. The very first step you need to accomplish is GET A PRE-APPROVAL LETTER.
First-time buyers should meet with a mortgage broker to get pre-approved for a mortgage in order to know exactly which price-range they can afford. Buyers should also narrow down the criteria they need for their purchase and focus on the essentials such as: ideal neighborhood, number of bedrooms, parking, proximity to schools and hobbies.
- How much can you afford? Calculate how much you can afford to spend on housing each month without having to put your financial health at risk. Use my two affordability rules below

Use this list to help you realistically determine added costs when purchasing your home sweet home.

Down payment (most properties suggest a 20% down payment from the purchase price)
Home inspection & appraisal fees
Insurance costs
Land registration fee [ WELCOME TAXES ]
Prepaid property taxes or utility bills [ You may need to reimburse the seller for bills paid in advance]
Legal - Notary fees [ The buyer chooses the notary, and should expect to pay at least $1,200 in legal fees ]
Potential repairs or renovations
Moving costs [ Truck rental, movers, boxes, food ]

The takeaway from this is that if your monthly housing costs are over 32% and your debt load would be more than 40% of your gross income, you may have trouble qualifying for a mortgage. I highly recommend saving as much as you can for your initial down payment.

Costs to consider when purchasing your home sweet home