Hidden Costs

Keep in mind that when you save for a home, DON'T JUST SAVE FOR THE PRICE OF THE HOME!

There are many hidden costs in the whole procedure:

1. Land Transfer Tax
2. Adjustment costs: property tax, prepaid utilities
3. Mortgage costs
4. Home insurance
5. Legal fees
6. Realtor fees (for sellers)
7. Inspection
8. Title insurance (optional)

All in all, be sure to set aside about 1.5-4% of the value of your new home for those extra costs. Ex: if you purchase a $500,000, you should be saving between $7,500- $20,000.