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Once you have figured out the home price range you can afford and the type of mortgage you qualify for, you will need to calculate all of the associated costs of the transaction to make sure you are financially ready. Upfront Costs
You will need to plan ahead to cover the many up-front costs of buying a home. Timing is important to help make sure things go smoothly. - Mortgage Loan Insurance Premium.
- Appraisal Fee.
- Deposit.
- Down Payment.
- Home Inspection Fee.
- Land Registration Fees (sometimes called a Land Transfer Tax, Deed Registration Fee, Tariff or Property Purchases Tax).
- Prepaid Property Taxes and/or Utility Bills.
- Property Insurance.
- Survey or Certificate of Location Cost.
- Water Tests.
- Septic tank.
- Legal Fees and Disbursements.
- Title Insurance.
If you feel you cannot cover all of the up-front costs, you can ask your lender for a loan. Remember that payment for this loan amount, based on a 12-month repayment period, will have to be included in your Total Debt Service ratio calculation. Other Costs
Besides up-front costs, there are other expenses to consider: - Appliances.
- Gardening equipment.
- Snow-clearing equipment.
- Window treatments.
- Decorating materials.
- Dehumidifier.
- Moving Expenses.
- Renovations or Repairs.
- Service connection fees. Charged for utilities
- Condominium Fees. You may have to make the initial payment for these monthly fees
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