Closing costs need to be budgeted for in addition to your down payment.
Appraisal Fee: A cost that may be required by your financial institution to determine the value of your home.
Home Inspection: Is a report by a Professional Home Inspector of the condition of your home and generally ranges - $400-$500.00.
Legal Fees: Are fees payable to your Lawyer for services rendered.
Mortage Insurance: A cost associated with mrtgages with less than 20% down payment. The cost of the premium is usually added to your mortgage and is based on the amount of your down payment.
Property / Home Insurance: This insurance covers the replacement value of your home and it's contents. All lenders will require proof of insurance prior to taking possession.
Property Transfer Tax: The land transfer tax is payable based on the value of the transaction.
GST: Is payable on all new home purchases.
Other Costs: Some other expenses to consider:
- Outdoor equipment
- Internet service
- Moving expenses