Can I afford to move?

Desiree Palmer
Friday, March 1, 2019
Can I afford to move?

Are you thinking of moving? Do you dream of owning your first home,  or maybe moving up to a larger one? The prospect of finding a new home is certainly an exciting one, and whether you are a first time buyer or you already own a home, there is one big, important question that you need to ask yourself before you can go forward: Can I afford to move? The following points can help you answer!

  • Current expenses - Figure out and total what your current housing expenses are. This should include your current rent or mortgage payment, property tax, renters or homeowners insurance, utility bills, and any other expenses. Include the cost of commuting to work as well if your workplace is a significant distance from your home.

  • Existing Debt - Consider the amount of any existing consumer, student, or other debt, and your monthly debt to income ratio

  • New expenses - Estimate your new mortgage payment, interest rate, property taxes, homeowner’s insurance, CMHC fee if applicable, and utility bills.  Our online mortgage calculator can help. Also factor in the cost of commuting if applicable, increase or decrease of groceries and other bills depending on the area you want to move to, and a possible change in employment.

  • Closing and moving costs - Figure out the cost of closing your old home and moving into your new home. These costs include lawyer fees, land trasfer tax, home inspection fees, movers fees, new home accessories, and deposits for new utilites.

  • Repairs and Upgrades - If you own a home, onsider the cost of any repairs or updgrades you are planning on making before selling.

  • Pre - Approval - Visit a qualified mortgage professional to find out how much you’ll be able to afford. Call us at 519-761-3737 for reccomendations!

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