ADDITIONAL CLOSING COSTS TO CONSIDER WHEN BUYING A HOME

When you decide you are ready to purchase a home, in addition to your down payment, there are closing costs you need to budget for.

Appraisal Costs:  An appraisal may be required by your financial institution to obtain your mortgage approval to determine the value of your home.

Home Inspection:  A report of the condition of the home you are buying conducted by a Professional Home Inspector generally ranging from $350-$650.00 depending on the detail of the report and size of the home being inspected.

Mortgage Insurance:  Is required for mortgages with less than 20% down payment.  This premium cost is typically added to your mortgage payment and is based on the down payment amount.

Home Insurance:  Is an insurance that is the requirement of the Lender prior to possession that covers the replacement value of your home and its contents.

Property Land Transfer Tax:  This value is based upon the value of the home you are purchasing.

GST:  Is payable on all new home build purchases.

Legal Fees:  Fees paid to your Lawyer for their services rendered in the sale/purchase of a home.

Additional costs to consider:  Some other additional costs to consider when purchasing a home are moving expenses, cleaning expenses, appliances, outdoor equipment, and/or re-decorating your home. 

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The above information is deemed reliable, however, no responsibility is assumed for the accuracy of this information.