Cost

Description

Approximate
Cost

Home Inspection Fee

A satisfactory home inspection is often a condition of an individual's Offer to Purchase. A home inspector will evaluate the structure and systems that make up a home and provide you with a written report. While this is not mandatory, it is recommended. A home inspection before you purchase a home can save you a lot of money in the long run.

$300
(may not apply if purchasing a new home)

Appraisal Fee

Your mortgage lender may require a professional appraisal to determine whether the selling price of your home is reasonable for that market. The appraised value seldom matches the actual purchase price exactly as other factors influence price.

$150-$250

Property Survey

A survey indicates the boundaries and measurements of the land and positions of major structures. It will also show any registered or visible easements (such as a driveway) or encroachments (such as a neighbour's fence) on the property.

$700-$1000
(if applicable)

Legal Fees and Disbursements

A lawyer should represent you during the purchase and mortgaging of the property. You are responsible for paying the lawyer's fees and disbursements.

$1000-$2500

GST

You normally pay GST on the purchase price of a newly constructed home. Always ask about this before signing an offer.

6%

Title Insurance

Title insurance covers problems that may arise due to survey irregularities, power of sale issues, undischarged mortgages and other issues related to the property's previous owners.

$300-$400
(if applicable)

Interest Adjustment

You may need to pay interest on the time between the closing date of the purchase and the first payment date of the mortgage.

$100-$1000

Prepaid Property Tax and Utility Adjustments

The seller may have prepaid some bills before the closing date, which you will have to cover. All taxes, utility bills and other charges incurred after the closing date become your responsibility.

$300-$500

Mortgage Loan Insurance Costs

Mortgages with less than 25% down payment require insurance against default. The insurance premium cost generally ranges between 0.5% and 3.75% of the amount of the mortgage (plus fees) but often can be added to the principal portion of your mortgage.

0.5-3.75% of principal plus fees

Home Insurance

Home insurance is protection for your home and its contents. It can also protect your belongings during the moving in process.

$300-$500 /yr.

Loan Protection Life and Disability Insurance

Loan protection insurance can take care of your mortgage payments or settle the outstanding insured balance should the unexpected happen, leaving you financially unable to make your payments. It also provides you with peace of mind in knowing that your home, family and future are protected in the event of accident, sickness or death.

Varies on age.

Cost

Description

Moving Expenses

Whether you hire a moving company or do it yourself, there will be costs involved.

Service Hook Up Fees

Usually, there are charges or deposits required for hook up of utilities, cable, telephone.

Decorating

New carpets, new paint, new curtains and new furniture are just some of the items you may want to buy to make your new home better reflect your personality, interests and values when you move in.

Renovations and Repairs

If you have purchased a pre-owned home, you may need to do renovations or repairs.

Landscaping

When purchasing a newly built home, the new owner may need to plan for landscaping costs. Even with a pre-owned home, you may want to make landscaping changes.

Other Costs

Each home purchase may have special costs that are unique to that purchase.