1. Appraisal Fee
- Your lending institution may request an appraisal of the property if a loan value is 80% or less of the home purchase value. Appraisals is done by chartered evaluators, and can vary in price from $400-$ 600.
2. Property Taxes
- Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
3. Property Insurance
- Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.
5. Service Charges
- Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
6. Legal Fees
- Even the simplest of home purchases should have a lawyer or a notary involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.
7. Mortgage Loan Insurance Fee
- Depending upon the equity in your home, some mortgages require mortgage loan insurance (loan value 80% and plus). This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage payment.
8. Mortgage Brokers Fee
- A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.
9. Moving Costs
- The cost for a professional mover can cost you in the range of:
$50-$100/hour for a van and 3 movers, and
10-20% higher during peak demand seasons.
10. Maintenance Fees
- Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.
11. Building Inspection
- Always hire a certified building inspector. Costs may range between 400 and 700$ depending on the (sf) of the property.
12. Land Transfer Tax - "Welcome Tax"
- This tax is applied whenever property changes hands and the amount that is applied can vary.
In general a one-time cost when buying a home could be between 2 and 4% of the purchased home value.