FINANCES

When you first start thinking about buying a home, you need to ask yourself “What can I afford?” To determine affordability you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.

In addition to considering what the ratios say you can afford, make sure YOU determine exactly how much debt you’re comfortable servicing. If the payment amount you are comfortable with is less than 32% of your income, you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries. This is yet another thing a good and honest agent has experience in discussing with you. An agent with life experience.

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CONTACT

Sherkin-Langer and Castle was established in 2005 in response to a recognized need for luxury real estate service with a specialized focus on the Toronto Real Estate Market and the Greater Toronto Area.

ADDRESS:

2145 Avenue Road
Toronto, ON M5M 4B2

Phone:

Ferne Sherkin-Langer
Broker
416.844.5704

Nina Castle 
Broker
416.543.4833

BROKERAGE

For over 60 years, Harvey Kalles Real Estate Ltd., Brokerage has been dedicated to offering professional service to all of our customers.

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