Evaluate Your Current

1 Financial Position:

• Compare your existing expenses and debt payments with your savings or investments.

2. Determine Affordable Monthly Housing Expenses:

• Assess how much you can comfortably spend on housing each month without compromising your financial well-being.

3. Calculate Upfront Costs:

• Estimate the amount you need to save for upfront expenses associated with buying a home, including:
• Down payment.
• Home inspection and appraisal fees.
• Insurance costs.
• Land registration fees.
• Prepaid property taxes or utility bills.
• Legal fees.
• Potential repairs or renovations.
• Moving costs.
• GST/HST/ on a newly built house or mortgage loan insurance.

5. Projected Monthly Home Ownership Expenses:

• Determine the impact of homeownership expenses on your monthly budget by adding them to your current financial situation.

6. Assess Your Credit Score:

• Obtain a copy of your credit report to understand your credit score, showcasing your consistent ability to meet bill and debt payments.