The figure that changed my view was not the C$1,755,000 purchase price but the C$44,550 that would remain once my deposit and estimated closing costs were paid. That no longer feels like a large reserve when it has to support a first-time buyer through the move and the early months of ownership.
The property is a 2-bed coastal home in Toronto, and I am already shopping below my maximum. Even so, the remaining cash may need to cover the first mortgage payment, moving, an insurance excess, possible service charges and any inspection items that cannot safely be delayed. I can live with basic furniture for quite a while.
Would you protect a fixed emergency fund first and fit everything else around it, or earmark money for urgent work before deciding what stays untouched? I’m particularly interested in which inspection findings would make C$44,550 too narrow a buffer for this purchase.
The property is a 2-bed coastal home in Toronto, and I am already shopping below my maximum. Even so, the remaining cash may need to cover the first mortgage payment, moving, an insurance excess, possible service charges and any inspection items that cannot safely be delayed. I can live with basic furniture for quite a while.
Would you protect a fixed emergency fund first and fit everything else around it, or earmark money for urgent work before deciding what stays untouched? I’m particularly interested in which inspection findings would make C$44,550 too narrow a buffer for this purchase.