There are many costs that homebuyers incur that you should expect to pay, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10 % of the purchase price. However, you should be prepared to pay for additional costs, such as:
- Legal Fees & Disbursements
- GST and PST (if applicable)
- Property or Land Transfer Tax
- Adjustments (reimbursed to the seller)
- Interest
- Property Taxes
- Utility Payments
- Strata or Condominium Fees
- Estoppel Certificate Fee
- Survey Fee
- Home Inspection Fee
- Water quality and quantity certificate
- Appraisal Fee
- Mortgage Broker's Fee (if applicable)
- Mortgage Loan Insurance Premium (if only 5% down)
- Mortgage Loan Insurance Application Fee (if only 5% down)
- Moving Expense
- Renovations and Repairs
- Furniture, pain, carpeting, window coverings, etc.
- Service and Utility hook-up Fees
- Property / Condominium Insurance
- Mortgage Application Fee
- Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
- Mortgage Payments
- Water and/or Sewer Payments
- Electricity and Gas Services
- Cable and Telephone Services
- Property Taxes
- Strata or Condo Fees
- Repair / maintenance Expenses
- Homeowner's Insurance