- 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 listed below:
Typical One-Time Expenses
| EXPENSE |
PAID |
| Mortgage Application and Appraisal Fee |
At time
of application |
| Appraisal Fee |
At inspection |
| Property Inspection (optional) |
Closing |
| Legal
Fees |
Closing |
| Legal
Disbursements |
Closing |
| Deed
and/or mortgage registration |
Closing |
Property Survey
(sometimes provided by seller) |
Closing |
Land
Transfer, Deed Tax or Property
Purchase Tax (in Quebec within
3 months following signing) |
Closing |
Mortgage Interest Adjustment and
Take Over Fee (if applicable) |
Closing |
| Adjustments for Fuel, Taxes, etc. |
Closing |
Mortgage Insurance
(and application fee if applicable) |
Closing |
| Home
and Property Insurance |
Closing
and on-going |
Connection charges for utilities
such as gas, water and electricity |
Date
of move |
| Moving
Expenses |
Date
of move |
Other costs may include landscaping, redecorating, furnishings,
appliances and repairs.
Typical monthly costs incurred with home ownership are
mortgage payments, maintenance, insurance, condo fees,
property taxes and utilities.
|
