Burlington Real Estate Home Buyers
Are You Ready to Buy?
Congratulations on your decision to become a homeowner! Buying a home is one of the most exciting and important moments of your life. Your home is not just the roof over your head, where you live, eat, sleep, play, and raise a family; it’s also one of the most important investments you’ll ever make.
How Much Do I Qualify For?
When buying a home, it is helpful to determine the type of home you’ll like and how much you can afford before beginning your search. Monthly housing costs shouldn’t be more than 32% of your gross monthly income. Housing costs include your monthly mortgage payments (principal and interest), property taxes and heating expenses (PITH— Principal, Interest, Taxes and Heating). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 32%.
Land Transfer Tax
Land transfer tax, a payment made to the government for transferring property from the seller to the buyer, is a complex process that should be calculated by a professional. So, how do you pay? Ontario’s land transfer tax is payable when you register the transfer.