Are You Thinking about Buying a Property?
Have you been thinking about buying a property, but don't quite know what to expect, or what your costs will be?
Purchasing a home involves a one-time cost, and subsequent monthly expenses. The largest one-time cost is the down-payment, which usually represents between 5-25% of the total price of the property. Typically, monthly costs incurred with home ownership are mortgage payments, insurance costs, condo fees, property taxes, and utilities.
Typical Expenses
In addition to the actual purchase price, there are a number of other expenses that you might incur, including:
| EXPENSE | PAID |
|---|---|
| Mortgage Application and Appraisal Fee | At time of application |
| Appraisal Fee | At inspection |
| Property Inspection (optional) | At inspection |
| Legal Fees | Closing |
| Legal Disbursements | Closing |
| Deed and/or Mortgage Registration | Closing |
| Property Survey (sometimes provided by seller) | When completed |
| Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing) | Closing |
| Mortgage Interest Adjustment and Take Over Fee (if applicable) | Closing |
| Adjustments for Fuel, Taxes, etc. | Closing |
| Mortgage Insurance (and application fee if applicable) | Closing |
| Home and Property Insurance | Closing and on-going |
| Connection Charges for Utilities such as Gas, Water and Electricity | Date of move |
| Moving Expenses | Date of move |
Other additional costs may include landscaping, redecorating, furnishings, appliance repairs, etc.