As many of you know buying a home is one of the biggest investments of your life. It’s important to know what costs to expect so you don’t end up surprised and not have the funds to pay them.
Here is a break down of what costs you should be prepared for when buying a home:
Deposit: The amount of cash you will be paying when the offer becomes a firm deal (Subjects have been removed.)
Down Payment: The minimum down payment is 5% but if you would like to avoid paying mortgage insurance 20% down is needed.
Land Transfer Tax: As a buyer you are required to pay the land transfer tax upon completion of the sale.
Appraisal Fee: Most lenders will require an appraisal to be completed of the property before they approve your mortgage.
Home Inspection: When buying a home, it’s easy to miss any potential repair costs or problems and that is why a Home Inspections is a very important step, the average price of an inspection is $350.
Property Insurance: Property insurance is dependent on the type of home you buy.
Mortgage Insurance: Designed to protect the repayment of a mortgage if anything were to happen to you.
Lawyer Fees: The lawyer fees may vary and will be paid upon closing of the sale.
Title Insurance: A one-time-fee that protects you from loss of title or ownership.
Property Taxes: The cost for property taxes is expressed as a dollar rate for every $1,000 estimated to be the market value of your property.
Maintenance and Energy Costs: Putting money aside monthly for any potential maintenance and energy cost will help avoid or reduce any large unexpected costs.
Moving Expenses: Not only is there the cost of the movers and the moving truck, more importantly don’t forget to transfer all your utilities over.
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Download the Hidden Costs of Home Ownership guide to find out more the cost to buy a home.
If you have any questions feel free to contact me. 778.988.7487