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Part 3: Living RequirementsOnce you have determine where you want to live (based on your career choice), you will now be determining the requirements you want in a home. There are 3 parts to this sectionPart A: House Hunting Checklist Check off what you want in a housePart B: List of features Choose 10 features and determine whether or not it is something you want/need/or does not matter and justify your reasoning for these featuresPart C: How much can you afford?You will be using the website: and use their Homebuying Calculators to determine the maximum mortgage you can afford – to determine your budget and how much your payment would be (to help determine your budget)Mortgage Affordability CalculatorEasy to use mortgage tool to help you estimate the maximum mortgage you can afford.Mortgage Payment CalculatorA tool to find how much and how often your payment will be. Compare options and find one that's right for you.Due Date: May 27, 2014PART A: HOUSE HUNTING CHECKLISTGo through this list and check off the items that are important to you to help with the selection of a house. resale newType of Home detached townhouse semi-detached duplex high-rise low-riseType of Ownership condominium freeholdQuiet Street yes noType of exterior finishing vinyl siding brick aluminum siding wood combination stuccoGarage attached detached 1-car garage 2-car garage uncovered parkingYard large backyard fenced backyard privacy 2-car garage landscaped deck/patio in-ground pool above ground poolAir Conditioning/Central Air yes noINTERIOREat-in Kitchen yes noSeparate dining room yes noKitchen features cooking/prep island lots of cabinetry pantry single sink double sink hardwood floor slate floor laminate floorKitchen countertop laminate granite quartzKitchen appliances dishwasher gas stove stainless steel appliancesBedrooms 1 2 3 4Master bedroom yes noEnsuite Bathroom yes noWalk-in closets yes noType of floor laminate hardwood carpet combinationBathrooms 1 2 3 4Ground floor bathroom yes noBathroom features double vanity shower bath tubSeparate family room yes noFireplace yes noSpare room for office/den yes noBasement for storage/shop/extra living space yes noCOMMUNITYClose to:SchoolsCity services (fire, police, hospital)Medical (doctor, dentist, optometrist)Shopping (grocery, pharmacy)ParksPlaygroundsDay careRecreation centrePublic swimming poolsPublic tennis courtsGolf courseSkating rinkHockey arena, ball parkRestaurantsTheatresPublic libraryPlaces of worshipMajor roads, highwaysPublic transportationLocal Neighbourhood:Urban, surburban, ruralOlder or newer, estimate ageQuiet streetsAdequate street lightingSpace between homesAdequate street parking (any restrictions?)PART B: LIST OF FEATURESUsing the checklist from part A you will create a list of at-least 10 features in a home you want. For each feature, determine if it is something you need, something you want, something you don’t want or need, or something that doesn’t matter either way. These will help you select the right accommodation for you. Provide explanations where necessary. Be complete.FeatureNeedWanted but not neededDo not need or wantDoes not matterExplanationPART C: How much can you Afford?Using the MORTGAGE AFFORTABILITY CALCULATOR your monthly household income and anticipated fees for the house; assume a 0% down payment, with a prime interest rate (find what that is online via any Canadian bank) and amortized for 25 years.The estimated amount you could afford is:Using the MORTGAGE PAYMENT CALCULATOR the informationThe regular estimated weekly/biweekly/monthly/accelerated weekly/accelerated bi-weekly (circle one) payment is: ................
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