Buying A Home
- Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.
These are listed below:
|
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 cost may include:
- landscaping
- redecorating
- furnishings
- appliances repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.