vacant houses Toronto, vacant homes Toronto, vacant condo Toronto, vacant condos Toronto, empty home toronto, empty house toronto, empty condo toronto, empty house vaughan, vacant home vaughan, immediate occupancy, fast closing, quick closing, buy home fast toronto, buy house fast toronto, buy condo fast toronto
Added to the purchase price of your home, whether it is your first or fiftieth, are many additional costs. It is imperative that you understand these costs and factor them into your decision of how much you can afford. If you are not informed about, and financially prepared for, these costs: the additional fees, such as taxes, etc., could negatively impact your financial health on closing day.
Of the additional costs discussed below, some are fixed payments that will only affect you once during the purchase of your home, while others are monthly or yearly ongoing commitments. Importantly, not all of these extra costs will affect you. However, it is essential that you review this list and carefully consider which will apply to you, so that you can budget accordingly.
Never forget that the purchase of a home marks a major milestone. Even if you are a seasoned home buyer, during the process you will discover many important details to address. Ignoring these details can result in an over extended budget, crippling your financial stability.
It is strongly recommended that you review the following checklist to ensure that you have properly budgeted for your home purchase.
It is possible that your lending institution may require that your property be appraised. If this is the case, you will be responsible for paying for this appraisal. An appraisal could cost you approximately $250-$300.
Your lending institution may or may not include your property taxes in your monthly mortgage payment. This decision is largely based on the size of your down payment. If your property taxes are not included in your monthly payment, you will have to pay for them separately and may need to prove to your lending institution that these taxes have been paid.
If the home you intend to purchase is not a new home, and thus referred to as a "resale," your lending institution may require an up to date property survey. The cost for this kind of survey can be approximately $700-$1,000.
Your lending institution will require proof that you have acquired home insurance. Home insurance protects you, as it covers the replacement value of your home (the structure) and also its contents, but it also protects your lending institution because it protects their investment on the loan.
To acquire utilities, such as cable or telephone, you will likely be required to pay an installation fee.
Regardless of the simplicity of the home purchase, it is advised that you enlist the services of a lawyer to review the necessary paperwork. Rates for this service will vary greatly and are often dependent on the complexity of the home purchase and also the skills and experience of the lawyer. It is recommended that you shop around to find the lawyer who best suits your needs and budget.
Some mortgages require mortgage loan insurance. This decision is dependent upon the equity in your home. Mortgage insurance will cost you between 0.5%-3.5% of the total amount of your mortgage. Typically this mortgage insurance is paid monthly and is added to your monthly mortgage payment.
A mortgage broker can, and typically will, charge you a fee for finding a lending institution and organizing the financing. Importantly, some mortgage brokers will not charge you for this service as they orchestrate the transaction so that the lending institution absorbs the fee.
If you are considering hiring a professional moving company, it will likely cost you between $50-$100 per hour for one van and three professional movers. Expect to pay 10-20% higher than this estimated cost during peak seasons.
If you choose a condominium as your next home, be aware that condos charge monthly fees for the maintenance of common areas, such as the grounds and hallways. The cost of these monthly maintenance fees will vary greatly depending on the building.
If your new home has a well it is recommended that you have your well water checked by a local expert. A water quality expert can certify both the quantity and quality of your well water. This service may or may not cost you money, depending on where you live.
If improvements have been made by your town, such as new or improved sewers or sidewalks, your property taxes could be impacted by thousands of dollars.
We hope this information is helpful.
Contact Us if you have any further questions!
Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.
The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Information is deemed reliable but is not guaranteed accurate by TREB.
Toronto Real Estate Board - IDX Last Updated: 10/24/2017 1:55:45 AM