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
· Survey Fee
· Home Inspection Fee
· Appraisal Fee
· Mortgage broker s fee (if applicable)
· Mortgage Loan Insurance Premium (if only 5% down)
· Mortgage Loan Insurance Application Fee (if only 5% 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