It is important when you decide to buy a home that you have a full understanding of the costs associated with your purchase.
Your largest initial expense will be your deposit. The deposit is required within 24 hours of an accepted offer and is typically 2% of the purchase price; however, it will be up to the seller to determine how much they want in order to feel confident that you won’t walk away from the deal without your deposit if you need to.
You should also be prepared to pay:
- Legal fees and disbursements
- When buying a new home (newly built/never lived in) you may be responsible for GST and/or PST if applicable
- Adjustments (payable to the vendor, such as insurance, utilities, condominium fees, or taxes)
- Property Taxes
- Home inspection fees or any other ancillary service fees requested by you as the buyer (furnace inspection, appraisal fee)
- Moving expenses
- Renovations, repairs, paint, carpeting, and window coverings
All of these costs are part of purchasing a home and is taken into account by your bank during the pre-approval process. If you are interested in buying real estate, be sure to contact me. When working with you, I will sit down and go over a detailed list of expenses you will incur when buying a home. There are different expenses depending on the type of home you purchase. I can also put you in contact with many different vendors throughout the city that will be able to provide you competitive pricing on many of the associated costs.