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Are you Financially Ready to Own a Home?

Thursday, February 4, 2021   /   by Sushma Khinvasara

Are you Financially Ready to Own a Home?

Photo by Kindel Media from Pexels

Buying a home is a major step that will affect your finances. Because of that, you need to plan ahead how much you can afford for a house before you start looking for one. Having a clear picture of your financial situation will also help you prepare before meeting a mortgage broker or a banker. Here are the things to consider before buying a home as well as extra costs you should be aware of.

First, calculate how much you are spending on a monthly basis. This includes groceries, child care, tuition, credit cards and entertainment expenses.

Second, calculate how much you can afford to spend each month for housing. As a thumb rule, your monthly housing costs should not go beyond 32% of your gross monthly income. While your monthly debt load should not be more than 40%.

Third, save money in advance for the following expenses. This can be the deposit, home inspection and appraisal fees, HST, insurance, down payment etc.

If you are planning to buy a home, I can help you. Call me at 647-834-9928 or email at sukhinvasara@gmail.com or visit our webpage.


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Century 21 Green Realty Inc. | Sushma Home Selling Team
Sushma Khinvasara, Sales Representative
6980 Maritz Dr, Unit 8
Mississauga, ON L5W 1Z3
647-834-9928

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated October 24, 2021
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