Additional Costs of Buying

Buying a home is likely to be the biggest purchase you make in your lifetime. Home buyers should be aware that there are often hidden costs when buying a home. In addition to the actual purchase of your home, there are many one-time costs, as well as continuing costs that you will face as a home owner.

The largest cost will likely be your initial down payment. However, be aware that you may have to pay additional costs such as:

  • Legal Fees
  • Inspection Fees
  • Costs of arranging a mortgage
  • Applicable taxes
  • Property or Land Transfer Tax
  • Land Survey Fee
  • Moving Expenses
  • Insurance
  • Appraisal fee
  • Any necessary renovations or repairs

Once you are a homeowner, you will incur regular monthly expenses that may include some of the below costs:

  • Mortgage
  • Utilities
  • Insurance
  • Maintenance
  • Property Taxes

Keep in mind that every individual’s total costs will be different. If you are thinking about buying a home, take the time to sit down and budget for your purchase, and remember to be aware that some of the above may affect your buying power.

For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at maryobrienc21@cogeco.ca  

 

Mary O'Brien

Mary O'Brien

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
Contact Me

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