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~ "How much i 13 this house gonna cost?! Courtesy of Cashway Building Centre The easy answer is "all you got!" Contrary to what most people think, the cost of your home is not determined by the salesman who sells it to you. Nor is it determined by the lumberyard. The cost of your home is determined by the financial condition of your family. The Banks have two ratios that determine what you will be permitted to spend on a home. (Assuming like most of us, you will need to mortgage.) The first ratio is called the Gross Debt Service Ratio. In Ontario, it is usually 32%. What that percentage refers to, is the maximum amount of your gross monthly income you will be permitted to spend on a monthly mortgage payment. (That obviously determines how big a mortgage you can get.) The second ratio is the Total Debt Service Ratio. In Ontario that percentage is usually 40% What that ratio refers to, is the maximum amount of your monthly income you will be permitted to spend on all fixed credit payments That means your payment, plus your mortgage payment, plus any other "fixed" credit payment you make, cannot exceed 40% of your gross monthly income To determine what your home is going to cost, you multiply your gross monthly income by car 32%. That is what your maximum monthly mortgage payment can be Find a mortgage rate book, (at y book store or at the bank and look up the gross mortgage amount that a payment of that size will permit. Add to that amount any savings you may have that you inte in this project. That w you the maximum amou have available for the project The object of any home "building project is to build the home successfully, on time and within your family budget. That means that the amount you have just determined, is the maximum you should spend on this project. That is how much your home should cost. (Ask for our handout on avoiding cost overruns.) To determine approximately how big a home E'y will let you build, here is a'esstimating system: Maximum Total Mortgage | can get - § Plus Cash and savings Available - § Total Amount Available for Construction Purposes (Ball Park) The only way to rough guess how big a house you can afford, before you get actual quotations, is to divide the total amount of money available by an approximate cosi per square foot. Obviously the cost per square foot varies depending on what kind of a house it is and what is in it. As a rough estimate only, Per square foot cost will probably run between $60.00 and $80.00, excluding land. (That is, typical outside of the Toronto area.) If you own your land, and have for example $106,000 available for construction, divide that by 60 and by 80 and you will see you will probably be able to build between a 1600 and 1800 sq. ft. house. Repeat: this is a "Ball Park" method of rough estimating only. avy sweeper around able. VACUFLO VACUFLO _ meme Built-in design for new and existing homes. WB Powerful. Reach deep down lor dirt and dust For tree por ars ay bie portal wooper ® Allergenic Cleaning. Dust and din carried 10 a power unit located away trom living area. No recirculation of dust. no vacuum odors, No Mess bags Convenient. System designed lo put vacuum inlets where they're convenient Power head noeds no electrical outlet y-to-Use. Free yourse!l from elecyical cords, bags and having 0 lug a name®hat has been trusted for over 35 years ® Wire Caddy Kit | [uBo Cal ® 3 Outlet Installation Kit Mother's Day Special ... 30° Turbo Grip Hose ® 30° Reg. Hose W Muffler Rug Rat (Air Power Heads) Model #260 ONLY $894.95 ELECTRIC ' PLUMBING 985-8950 QROGRESS 72 Sales, Service & Installations 24 HR. EMERGENCY SERVICE 11151 Simcoe Street N., Corner of Simcoe St and Shirley Road PORT PERRY Monday to Friday 8 AM to 6 I'M Saturday 830 AM to 2 I'M The only really valid way of getting an accurate handle on construction costs, is by getting blueprints estimates!! te The yitima po-it-Yourself project eee 16 \ toria Ave. S LINDSAY (Pd IR: rg: BE Te did udins Direct Vent Gas Stove .. $1,799. Vented Gas Stove ....... Gas Fireplace Insert... $1,599. Complete with all fuel lines, shut off valves, venting, etc. Everything you need to complete the Job plus the technical expertise of our gas fitters to hep you through with all the advice you can use. 60 Vane i PORT PERRY (905) 985-0715 $1,499. We would like to be a part of your building project. Please call us with any questions you might have. and getting 24 HOURS a DAY! Expert Drain & Sewer Clesning & Plumbing Repairs < Call MR. ROOTER WHY CALL MR. ROQTER FIRST? First and / No Extra Charge - for weekends & night me call We'll be 7 Fist Rate Pricing - You approve the price, we stant he work There Fast! # Sinks to Sewers - No job bg big or 00 small =~ 985-0084 / Plumbing - Complete plumbing repairs & installation WEEK FAST SERVICE 7 DAYS a 24 HR EMERGENCY SERVIC INSURANCE @ RESIDENTIAL MERCIAL Let us createa @ Mir trd " room L L TUBS yieys bath ® Painting @ Drywall ® Family Rooms (J Ceramic Tie" LOUR WORK is FULLY GUARANTEED Fully Insured For Free Estimate Call TIM 985-4501 * a [00] [11] 40 CONCRETE PRODUCTS LIMITED | IRA Designed for versatility and ease of installation to enhance any landscape project Unit 18 HITBY (905) 668-3366 PROT RYOURH HECK ( BROOKLIN NEWMARKET ti HALIBURTON A21 (To%) To0-2208 475-1306