Additional Costs of Buying Real Estate

Purchasing a home is more than likely the biggest purchase you will ever make. It's quite easy to know how much the home will cost you when your Realtor writes up the offer to purchase which then becomes as accepted offer. BUT there are many other costs associated with buying a home that are not that obvious. Buyers in British Columbia need to consider other costs such as the following:

1) Property transfer costs: currently they are 1% of the first $200,000 and 1% of the balance on each and every purchase you make. There are some exemptions to this rule but most of the real estate transactions will have this cost associated to them.

2) Legal fees: each and every real estate transaction will have some sort of legalities to it. The legal costs typically run between $750 and $1000.

3) Title Insurance: Not every purchase involves title insurance but more and more it is happening more often.

4) Home Insurance, property tax adjustment costs, condo fees, moving costs and utilities adjustment costs are a few more examples of costs that apply at the time of purchase.

What a buyer is approved for through their bank is often much more than what they can actually afford. A good real estate agent will help guide you through this process to ensure the home you purchase doesn't become one of your biggest nightmares. Don't get caught using only a mortgage calculator to determine your monthly costs, call me and together we will enjoy a smooth real estate purchase !!

After all ... purchasing a home is more than likely the biggest purchase you will ever make.


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