How to Budget for the Down Payment on Your Mississauga Condo
If you're thinking about purchasing a new Mississauga condo you've probably got a lot of attention on getting the funds together for a good down payment. It can be difficult when you're first scrounging to get the money together but you'll definitely be happy that you took the extra effort once you step into the new condo and can call it home.
Here are a few down payment budget tips you can use right away to help you build up a larger deposit to put on your new condo.
1. Work with the right numbers
Sometimes people will tend to work with the price of the condo only and forget about the other costs involved. You'll have to factor in the association fees, added parking costs if any, the price of utilities and moving costs involved. You'll also want to figure out the inflation rate if you think that it's going to take some time to get the down payment together.
2. Working with the numbers
Take a look through the MLS® to get an idea of the Mississauga condos available in the price range you'd be able to afford. Then, take a closer look at the monthly fees required and the utilities you'd need to pay. In some cases you may have to contact a real estate agent to get these numbers if they aren't already listed.
There are mortgage calculators you can use to figure out how much money you have to pay monthly according to the down payment you can make on a condo. Start typing in different amounts until you find a monthly payment that you can afford comfortably. This will show you how much of a down payment you'll need to come up with for the home. Remember to add up all of the numbers first so that you get a true reflection of the costs you’ll have to incur every month.
3. Looking at your solutions
Once you come face-to-face with a final down payment amount you'll be able to see whether you're on track to get it gathered or whether you're going to have to come up with some bright ideas. There are two things that you'll need to do to your budget if you want to get your down payment covered faster. You'll either have to cut down on your expenses, increase your income or do a combination of both. Just keep in mind that your final goal is to own a Mississauga condo so that you can get out of the renter's market and finally have a property that you can call home.