It’s a big a deal it is to buy a house, especially for your first time. It’s a lot of money, and it can sometimes be stressful. Anticipating the one-time costs associated with a purchase, and planning for these, can help ease your mind and ensure a smooth transition. Often referred to as "closing costs", these fees and disbursements range from 1.5% – 4% of a home’s selling price, depending on the variables, and typically include:
- Land Transfer Tax
- Legal Fees
- Mortgage Registration Charges
- Survey or Title Insurance
- Appraisal Fees
- Closing Adjustments (Property Taxes, Utilities, Interest etc)
- GST and PST if applicable
In addition, you may also want to plan for:
- Home Inspection Fees
- Expert Opinions (engineer, electrician, etc)
- Green Energy Audit
- Moving costs
- Essential purchases (appliances, window coverings, etc).