There are many costs that homebuyers incur, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest outlay is the down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. Be prepared to pay for additional costs, such as:
Legal Fees & Disbursements
GST and PST (if applicable)
Land Transfer Tax
Property taxes and adjustments (reimbursed to the vendor)
Interest on interim financing, if any
Utility Payments
Strata or Condominium Fees
Estoppel certificate fee
Survey Fee
Home Inspection Fee
Water quality and quantity certificate
Appraisal Fee
Mortgage broker's fee (if applicable)
Mortgage Loan Insurance Premium (if less than 20% down)
Mortgage Loan Insurance Application Fee (if less than 20% down)
Moving Expenses
Renovations and repairs
Furniture, paint, carpeting, window coverings, etc.
Service and Utility Hook-up Fees
Property/Condominium Insurance
Mortgage Application Fee
Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
Mortgage Payment
Water and/or Sewer Payments
Electricity and Gas Services
Cable, Telephone and Internet Services
Property Taxes
Strata or Condo Fees
Repair/Maintenance Expenses
Homeowner's Insurance
No comments:
Post a Comment