Costs of Buying Toronto Real Estate
What Are Your Costs?
- Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
| EXPENSE | PAID |
| Mortgage Application and Appraisal Fee | At time of application |
| Appraisal Fee | At inspection |
| Property Inspection (optional) | At inspection |
| Legal Fees Legal Fees | Closing |
| Legal Disbursements | Closing |
| Deed and/or mortgage registration | Closing |
| Property Survey (sometimes provided by seller) | When completed |
|
Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing) |
Closing |
|
Mortgage Interest Adjustment and Take Over Fee (if applicable) |
Closing |
| Adjustments for Fuel, Taxes, etc. | Closing |
|
Mortgage Insurance (and application fee if applicable) |
Closing |
| Home and Property Insurance | Closing and on-going |
| Connection charges for utilities such as gas, water and electricity | Date of move |
| Moving Expenses | Date of move |
Other Costs May Include;
- landscaping
- redecorating
- furnishings
- appliances repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Leave a Reply