C$35,100 sounds comfortable until I list everything it may need to cover. That is approximately what would remain after the deposit and expected closing expenses if I bought a 3-bed villa in Calgary for about C$1,134,000.
The lengthy inspection report has made me reconsider buying at my limit, even though the home appears broadly sound. I need to reserve cash for the initial mortgage instalment, the move, an insurance deductible and any applicable service charges before treating the rest as available for repairs or furniture.
How would you allocate the remaining money without counting any of it twice? I’m particularly interested in which inspection items people would address on day one, which could wait through the first year, and how much should remain completely untouched for emergencies. A rough first-time-buyer breakdown would help me judge whether I should lower my budget.
The lengthy inspection report has made me reconsider buying at my limit, even though the home appears broadly sound. I need to reserve cash for the initial mortgage instalment, the move, an insurance deductible and any applicable service charges before treating the rest as available for repairs or furniture.
How would you allocate the remaining money without counting any of it twice? I’m particularly interested in which inspection items people would address on day one, which could wait through the first year, and how much should remain completely untouched for emergencies. A rough first-time-buyer breakdown would help me judge whether I should lower my budget.