Looking to buy a home? Are you ready? Are your finances ready?
Being a financially literate consumer isn’t just about saving for a down payment and qualifying for a mortgage. There are other costs to consider when looking to buy a home and when owning a home.
Beyond the down payment, other costs that are commonly forgotten in the home-buying process include:
• a deposit at the time of the offer
• mortgage interest payable at closing
• home inspection fees
• real estate appraisal fees
• closing costs (e.g. lawyer fees, title insurance, property tax adjustments)
• moving costs
Costs that should be considered before owning a property include:
• mortgage payments
• insurance
• property taxes
• condo fees (where applicable)
• repairs and upkeep
• utilities
• furnishings and decor