Buying and selling real estate is a complex process—and with that process comes throngs of surprise costs.
We consistently ensure that none of our customers are surprised with additional costs. Costs that they hadn’t worked into their budget. These additional, surprise costs include:
- Property Taxes
- Utility Fees
- Land-Transfer Tax (which in Ontario is: From $55,000 to $250,000 X 1 % of total property value, from $250,000 to $400,000 X 1.5 % of total property value and from $400,000 up X 2 % of total property value)
- Surveying Fees
- Appraisal Fees
- Inspection Fees
- Lawyer / Notary Fees
- Property Insurance
- Mortgage Insurance (required on mortgages with down payments under a certain %)
- Application Fees
- Mortgage Broker Fees
- Moving Costs
- Closing Costs
- Certificate Fees
- Condo Fees
- Renovation / Repairs / Redecoration
- Buying Appliances
- On-going Property Maintenance
- First-Time Loan Insurance
Incorporating all or some of the above necessary fees into your budget is critical to a smooth home-buying or home-selling process. It is critical to think of these before you commit to a mortgage so that your housing costs don’t exceed the recommended 35% of your gross income.
If you’re unsure if any of the above apply to you—give us a call.