Everything Homes and Real Estate
Everything Homes and Real Estate
Everything Homes and Real Estate

How Much of a New Home Can You Afford?

How Much of a New Home Can You Afford?

If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford.

How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds from the sale of your current home. Your REALTOR® can help you determine how much your property will likely sell for in today’s market. Any existing mortgage will need to be subtracted from that amount to determine how much cash will be left.

Of course, you should speak to a mortgage broker or lender who can compute how much of a mortgage you qualify for. Remember, qualifying for a big mortgage doesn’t necessarily mean you should have one. You also need to consider your personal finances and desired lifestyle – and whether or not having a large mortgage is a good idea for you.

Once you have gathered all of your information, you can add any potential sale proceeds to the amount of mortgage you qualify for, add other sources of cash available for this purpose and subtract 5-10% for initial expenses, and you’ll have an idea of the price range you should be considering.

Finally, it’s important to take the time to decide what kind of home you want. Do you want a large backyard with trees? A quiet, family-oriented neighbourhood? Four bedrooms and a finished basement? Once you decide what you want most in a new home, it becomes much easier to find one that’s in your price range.

Need help deciding how much you can afford when shopping for a new home? Call today.


Team Metherall

905-830-8611

RE/MAX All-Stars Realty Inc. Brokerage

Keswick Ontario

 


Keswick Real Estate

Keswick real estate is booming! If you are thinking on selling your home this is defiantly a good time.

 

Give us a call and find out how our marketing campaign gets your home in front of more buyers. 

 

-We use leading technology and IDX software to distribute your home across the internet.

-Have weekly newspaper ads

-Multiple monthly mailouts

-Monthly Newsletters

 

…..and so much more!

 

When thinking of looking at homes for sale in Keswick, Georgina or the surrounding area, be sure to ask how we are here to help you.

Keswick Homes For Sale

 

 

 


Homes Currently for Sale in KESWICK

Did You Know?… There is only 2 homes currently for sale in Keswick between $180,000-320,000 price range*. If your thinking of selling your home this is the time. The age old scenario of low supply creates high demand. Give us a call if you have any questions and to book your FREE home evaluation today. *MLS stats*

 


 


TXT
TXT
Other Blogs
Other Blogs
Other Blogs

Latest Blogs
Tap our personal experience in the community and in real estate to learn more about the market, the area, and the choices you face.

Social Media
Social Media
Social Media

We are Here to Help!
We are Here to Help!
We are Here to Help!
Find the Perfect Home
It's easy. Click here for a free consultation today!
 Free Home Evaluation
Let us help you find the true value of your home.
Contact Us Today!
We are just a phone call away. Call us today!
Real Estate News
Real Estate News