Building Inspection
Mortgage Insurance Premium or Bank Evaluation
Specialized Inspection (if needed)
Having a pre-purchase inspection is highly recommended. The inspection will typically cost between $600 - $900 plus taxes and could save you thousands of dollars and a lot of headaches in the long run.
Specialized Inspection (if needed)
Mortgage Insurance Premium or Bank Evaluation
Specialized Inspection (if needed)
Based on the building inspection, the location and the condition of the property you are interested in buying, specialized inspections may be recommended.
Example: structural inspection, soil test, septic installations, well water testing, chimney verification, french drain inspection, etc.
Mortgage Insurance Premium or Bank Evaluation
Mortgage Insurance Premium or Bank Evaluation
Mortgage Insurance Premium or Bank Evaluation
There may be fees associated with your financing depending on how much down payment you are putting on your mortgage. Less than 20% down payment requires an insurance premium (one time fee usually added onto your mortgage). Over 20% down payment usually requires a bank evaluation which can sometimes be at your cost.
Notary Fees
Property Transfer Tax AKA Welcome Tax
Mortgage Insurance Premium or Bank Evaluation
As the buyer, you are responsible for the notary fees for the title transfer of the property. Since you are paying, you get to chose the notary. Do your homework and shop around.
Property Transfer Tax AKA Welcome Tax
Property Transfer Tax AKA Welcome Tax
Property Transfer Tax AKA Welcome Tax
The city's way of welcoming you to the neighbourhood!
If you want an estimate of the Welcome Tax you will need to pay, try this calculator.
Renovations & Decor
Property Transfer Tax AKA Welcome Tax
Property Transfer Tax AKA Welcome Tax
Whether you buy a move-in ready home or one needing renovations there will be costs involved. Chances are you will want to make your new home your own by painting, putting up curtains, updating the light fixtures, etc. If you are coming from a smaller place you might need more furniture or appliances.
Adjustment Costs
Other Potentially Unforeseen Costs
Adjustment Costs
Some things will have been paid in advance by the seller. Depending on when you take ownership you may need to pay back portions of the utilities or services for the period that you become the owner of the property. This can include but is not limited to: propane, heating oil, municipal and school taxes, snow removal, etc.
Moving & Storage
Other Potentially Unforeseen Costs
Adjustment Costs
Moving usually always comes with costs, whether you are hiring a moving company or going at it alone with the help of friends and family. If you will be moving out of your current home before moving in to the next, consider potential storage fees.
If you want to hire moving professionals, check out the John Gray Moving promotion offered to our clients.
Other Potentially Unforeseen Costs
Other Potentially Unforeseen Costs
Other Potentially Unforeseen Costs
It's important to allow yourself some cushion in your budget in case of any potentially unforeseen costs.