Part 1 – In the Process of Buying
There are a few common fees to consider when purchasing a house
20% down payment is recommended
A professional judgment on the state of your home is important. Information on structural concerns, pest infestation and such will allow you make well informed decisions; is the work involved in correcting the issues worth the purchase? What is the cost of the work involved?
These fees may be included in the mortgage amount. This is an estimate of what your house is worth. 80% of the lesser amount between the appraised value and purchase value is used to calculate a conventional mortgage
* Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada
* Land Transfer Tax
* Legal Notary Fees
* Fire Insurance
Think not only of truck rentals and movers, but depending on where you are moving connection fees may also be required.
Good planning will include realistic plans for making your house a home. Don’t overlook this item, but budget for it, and decide what is important now and what can wait