Additional Fees to Consider with Home Ownership

Part 1 – In the Process of Buying

 

 

There are a few common fees to consider when purchasing a house

 

Deposit

 20% down payment is recommended

 

Home Inspection

 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?

                              

Appraisal Fees

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

 

Closing Costs

Includes

* Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada

* Land Transfer Tax

* Legal Notary Fees

* Fire Insurance

 

Moving Expenses

 Think not only of truck rentals and movers, but depending on where you are moving connection fees may also be required.

 

Furnishings

 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

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Nicole Lowe

Nicole Lowe

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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