Purchasing a home involves one-time costs and monthly expenses.
The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are:
- Disbursements. Includes obtaining City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s Certificate, Registry Office searches, registering deed, registering mortgage, copies, postage, long distance calls, title insurance, etc.
- Survey. If no recent survey is available, a new one will cost approximately $1,000 – $1,500 +HST. Fees for larger and recreational properties will vary and could exceed average prices. Individual quotes are suggested.
- Adjustments. This could be monies owing or owed for things such as pre-payment of taxes, hydro, gas, fuel oil, etc.
- Home Inspection. If you elect to have one, it will cost a minimum of $500.00 +HST.
- Arranging the Mortgage. Usually an appraisal fee of approximately $200.00 plus an administration fee of about $200 – $300. A new survey may also be necessary.