There are many costs that homebuyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
* Legal Fees & Disbursements
* GST and PST (if applicable)
* Property or Land Transfer Tax
* Adjustments (reimbursed to the vendor)
* Interest
* Property Taxes
* Utility Payments
* Strata or Condominium Fees
* Estoppel certificate fee
* Survey Fee
* Home Inspection Fee
* Water quality and quantity certificate
* Appraisal Fee
* Mortgage broker's fee (if applicable)
* Mortgage Loan Insurance Premium (if only 5% down)
* Mortgage Loan Insurance Application Fee (if only 5% down)
* Moving Expenses
* Renovations and repairs
* Furniture, paint, carpeting, window coverings, etc.
* Service and Utility Hook-up Fees
* Property/Condominium Insurance
* Mortgage Application Fee
* Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
* Mortgage Payment
* Water and/or Sewer Payments
* Electricity and Gas Services
* Cable and Telephone Services
* Property Taxes
* Strata or Condo Fees
* Repair/maintenance Expenses
* Homeowner's Insurance