Financing and Costs
Another important aspect, probably the most important, is what you can afford. This is done by contacting a mortgage expert who can fairly quickly, usually within the week, identify what the bank would be willing to lend you. Getting prequalified and obtaining an interest rate commitment will speed up the buying process when you find the right home. Most lenders will look in a rate for 90-120 days without any cost of obligation. We work with many of these people on a daily basis and have great contacts – so just ask! After you receive what we refer to as a preapproval it is important to take all things into account in terms of your operating costs. Banks will often offer you an amount of money that you qualify for however, you need to take into account your monthly expenses when figuring out and a comfortable price point.

Remember a nice house is wonderful—but so is food and heat! Remember the house must also qualify, usually an appraisal to confirm the value of the home will be asked for to access the merit of the amount of money borrowed.

Remember to work into your costs:

Land transfer Fee-This is a large cost. Purchasers of real estate in Ontario are required to pay Provincial and Municipal Land Transfer Tax on closing. Provincial Land Transfer Tax is paid directly to the Province of Ontario.
Land Transfer Calculator

Lawyer: You will require the services of a lawyer to act on your behalf to close your house purchase. Your lawyer will charge for those services , including title searching/ compliance reports, and for his/her expenses or disbursements. We have several that many of our clients reply on and are happy to pass along their names. Before retaining a lawyer, you should get an estimate on costs which can include  fees, disbursements, and mortgage work. 

House Insurance: A number of insurance concerns have developed in the real estate industry especially for older homes. These can effect the cost of your insurance. Knob and tube wiring, asbestos, galvanised plumbing, oil tanks and fireplace must be WETT certified are some of the red flags for costly insurance premiums.

Moving Costs : This will vary depending on the size of the truck and number of movers needed. The date of the move or time of the month will be very important in pricing. It is always recommended to get some referral names and costs