Buying and selling real estate is a complex process—and with that process comes throngs of surprise costs.
I consistently ensure that none of my customers are surprised with additional costs. Costs that they hadn’t worked into their budget. These additional, surprise costs include:
- Property Taxes
- Utility Fees
- Land-Transfer Tax (which in Ontario is: From $55,000 to $250,000 X 1 % of total property value, from $250,000 to $400,000 X 1.5 % of total property value and from $400,000 up X 2 % of total property value)
- Surveying Fees
- Appraisal Fees
- Inspection Fees
- Lawyer / Notary Fees
- Property Insurance
- Mortgage Insurance (required on mortgages with down payments under a certain %)
- Application Fees
- Mortgage Broker Fees
- Moving Costs
- Closing Costs
- Certificate Fees
- Condo Fees
- Renovation / Repairs / Redecoration
- Buying Appliances
- On-going Property Maintenance
- First-Time Loan Insurance
Incorporating all or some of the above necessary fees into your budget is critical to a smooth home-buying or home-selling process. It is critical to think of these before you commit to a mortgage so that your housing costs don’t exceed the recommended 35% of your gross income.
If you’re unsure if any of the above apply to you—give me a call.