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Typical Expenses In this section I hope to provide you down to earth information, plus links to different agencies and avenues of information. To the "First Time Home Buyer" or "First Time Home Seller", the processes can seem quite intimidating. I'm here to help! My goal is to make your move INTO or AWAY from Cold Lake as stress free as possible. |
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Typical Expenses 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 per cent of the purchase price. However, you should be prepared to pay for additional costs, such as: • Legal fees and disbursement • GST • 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 per cent down) • Mortgage Loan insurance application fee (if only 5 per cent 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
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