So you’ve made the decision to purchase your very first home? Congrats to you! It’s a very exciting decision, but just as exciting as it is, it’s just as scary! Hopefully we can clarify some things for you in this blog.
First of all, Canada Mortgage and Housing Corporation (CMHC) requires a minimum of 5% down payment of your purchase. We suggest you have this part saved before you go shopping for your new home. As well, some other fees that you may not be aware of are legal fees and disbursements, deed transfer tax (which is 1.5% of the purchase price), property tax adjustment which are paid 6 months in advance, and a fuel adjustment of $1000.00, if you have an oil tank (equivalent to a full tank of oil – oil tank should be full on your move in date).
Secondly comes the exciting part, you found your home, did your due diligence (that your Realtor assisted you through) and the house is set to close! Have your covered the entire basis for yourself?
Ensure that you contact the following people to ensure that your services are hooked up on the DAY OF CLOSING. This way you know you have all your services that you need the first day that you are there:
- Power Company
- Water Company
- Cable Company
- Telephone Company
- Internet Provider (if you chose internet connections)
- Heritage Gas (if you have propane)
Here are people that you may have over looked to change your address with:
- Credit Card Providers
- Family Doctor
- Family Dentist
- Insurance Coverage
- Revenue Canada
- Drivers License, Vehicle Registration, Permits, Forms etc... (in Nova Scotia we would contact Access Nova Scotia).
- Any family and friends in and out of town
Thirdly and one of the most exciting parts of all – Get your moving company squared away for your day of close or your move in date that you have decided on! Again, Congrats on your purchase and of course, Enjoy your new home!!!