An appraiser assesses the market value of the home you are buying to ensure it is reasonably within asking price. Appraisal fees cover the cost of having an appraiser evaluate the size and condition of the home.
Property tax is paid by the owner of the property to the local government. It is calculated based on the property's valued price.
A land survey, though optional, can provide valuable knowledge of lot size and placement, as well as neighbouring house's ownership limits. It ensures what appears in the property's descriptions are correct.
Home owner's insurance ensures your home, one of your most expensive assets, is covered in the event of unforeseen damages such as fire, natural disaster, and flooding.
CMHC (Canada Mortgage and Housing Corporation) insurance is required by the lender when your down payments below 20% of purchase price. This insurance protects the lenders in the event of borrower default.
Monthly fees most often apply to condominiums. They go towards the upkeep of the building and are in addition to mortgage and insurance payments. The price varies widely based on the unit's size and location.
Whether you're moving from another city or just down the street, the cost of hiring a mover can vary based on distance and time needed.
The responsibility of land transfer taxes falls on buyers of any new home and is arranged with your lawyer on the day of closing. However, if you're a first time buyer in Ontario, you may be eligible for a land-transfer tax refund.
It is advisable to any new homeowner to change the locks on all external doors as an added security measure. Previous home owners may have left the keys behind, but spare copies can be floating around unbeknownst to new owners.
For a typical home, it is advisable to spend roughly 3% of the purchase price on upkeep and maintenance to prevent damage and ensure the home remains in great condition.
If buying a condominium, you can order a status certificate from the condominium board to review the condo fees, by-laws and regulations. That way, you can make sure the complex is suitable for your needs. This is typically done through the lawyer.
Buying real estate is one of the biggest financial investments you can make. Our team of realtors are here to ensure you buy the right house — for the right price. Get in touch today to start your journey with us!Contact us