Budgeting for your first home!
Congratulations, you've made the big decision to purchase your first home. This is a huge step in one of life's most exciting events, owning a piece of property that we all live on, earth! Now that you have decided to purchase a home there are many things that you wil need to know, however saving enough money for the down payment and budgeting the cost will be your first steps.
Here are some examples of what the cost of owning a home in Manitoba, Canada It is important to keep in mind that costs are specific to which city you will be buying.
1. Purchasing in Manitoba, you will need a 5% down payment of the total purchase price, the balance can be paid for thru financing, as long as you the individual, qualify for the financing needed to complete the balance owing.
2. Closing costs are substantial in Manitoba and can run from 1.5-2% of the purchase price. This includes items such as Land Transfer tax, Title insurance, building location certificates, zoning memorandums, lawyers fees, home insurance and miscellaneous charges.
3.You will also want to take the time to know your mortage Monthly payment and factor in for any unforseen costs such as repairs and maintenance, painting, window coverings, appliances, etc
Your first step in achieving your goals of home ownership, is to schedule a meeting with your realtor and financial advisor. They will provide you with the right advice in setting you towards achieving your goal.
As always I am happy to provide a free initial consultation to anyone looking toward buying or selling real estate and can be contacted any time at (204) 292-9090
Doug Court is a professional sales associate with Re/max executives realty in Winnipeg, Manitoba, Canada He is been an award winning salesman since 1987.
Doug can be reached at 204-292-9090
