Hello,
I currently own a condo in Toronto, Ontario, Canada. It's not entirely paid off. My wife and I are looking to move to a house, in the suburbs. The house will likely be $550k or thereabouts. I have enough equity in the condo, that if we were to sell it and buy the house, then we would easily have more than the 20% required to avoid mortgage insurance.
Right now, we are stockpiling cash.
How much cash do you need when doing a house purchase? I'm not talking about equity, but actual cash cash?
I know we'll have to put down a deposit, pay land transfer taxes, moving costs, real estate lawyer, etc. out of cash, but is that it? Anyone have any guidelines on how much cash is required? Do people really have enough cash for deposit, and transfer taxes? For a $550k place, outside of Toronto that would work out to around $45k.
I'd like to avoid holding more in cash than is really necessary.
Thank you fellow Mustachians.