Costs & Typical Expenses
There are many costs that homebuyers incur, especially upon purchasing your home 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
- HST(if applicable)
- Property or Land Transfer Tax - 1% of the first $200,000 & 2% on the balance(you may be exempt from this if you are a first time buyer)
- Adjustments (reimbursed to the vendor)
- Interest
- Property Taxes
- Utility Payments
- Strata Fees
- Survey Fee
- Estoppel certificate fee
- Home Inspection Fee
- Water quality and quantity certificate (if applicable)
- Appraisal Fee
- Mortgage broker's fee (if applaicable)
- Mortgage Application Fee
- Mortgage Loan Insurance Premium (if applicable)
- Mortgage Loan Insurance Application Fee (if applicable)
- Moving Expenses
- Renovations and repairs
- Furniture, paint, carpeting, window coverings, etc
- Service and Utility Hook Up Fees
- Property Insurance
- 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 Payment
- Garbage Services
- Electricity and Gas Services