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206 Wimpole St. Mitchell

MLS: 529592

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Royal LePage

Don Hamilton RealEstate

How much can I afford?

So how do you get from here to there? Bridging the gap between dreaming and owning can be costly.

Most lenders say that your monthly housing expenses (principal, interest and taxes) should not exceed 30% of your family income (before personal income tax). This is called your gross debt service ratio (GDS).

Lenders may also look at your total debt service ratio (TDS). Your TDS takes into account monthly housing expenses, plus other debts and loans you may have.

To calculate your TDS:

• Multiply your monthly gross (before tax) income by the maximum TDS ratio of 40%.
• Subtract your regular monthly costs (e.g. credit cards, car payments, personal loans).

The figure you are left with represents the maximum amount available for your mortgage payment, property taxes and 50% of condo fees (if applicable).

Test your financial readiness with our Mortgage Calculators.

Window Shopping FAQ: What you need to know before you buy

New windows look great, boost the value of your home and increase energy efficiency. Many models are easier to clean. Imagine being able to clean both sides of your windows from inside your house!

If you're thinking about buying new windows, use this handy FAQ as a guide to asking the right questions, comparing costs, and making an informed decision about an important investment in your home.

Q. I live in an old house with drafty windows. Should I replace them, or can I just repair them?

A. If you have time and energy to repair your existing windows, that may be the most cost-effective option. However, there are some instances where windows simply aren't worth repairing:

- The wood is rotting. Unless you have the time and skill to replace the wood and maintain it, consider replacement.

- The double-pane glass is fogged. Condensation between the panes can't be fixed. You have to replace the glass to get rid of the problem. Putting in new glass is expensive; you may want to compare it with the cost of a whole new window.

- You can't find hardware for it.

- Your old windows are a hassle. One drafty window that sticks might be charming, but a house full of them will drive anyone crazy. New windows are easy to open, airtight, and simple to maintain.

Replacing residential windows will run you about $150 to $400 (or more) each, depending on size, glass, window style, and framing materials. If you have them professionally installed, tack on up to $350 labour cost per window.

To keep things warm in winter:

- Put in storm windows. They'll reduce heat loss by up to 50%.

- Keep drapes open during the day so the sun can help heat your home.

- Install insulating window shades.

- Attach clear plastic film to keep cold air out.

Whether you decide to repair or replace your windows, you'll get the best results if you do your research, and spend some time comparing costs and quotes.