Home Purchase Expenses
There are many costs that homebuyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
- Legal Fees & Disbursements
- GST and PST (if applicable)
-
Property or Land Transfer Tax
- Adjustments (reimbursed to the vendor)
-
Interest
- Property Taxes
- 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 25%
down)
- Mortgage Loan Insurance Application Fee (if less than 25% 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 and Telephone Services
- Property Taxes
- Strata or
Condo Fees
- Repair/Maintenance Expenses
- Homeowner's Insurance
Source: RE/MAX of Western Canada