The Hidden Costs of Buying A Home You Need To Know

Nov 4, 2015 | Uncategorised | 0 comments

Buying a home is an exciting time, whether it’s your first home or your forever family home.

Nearly everything we purchase has some small hidden cost involved, whether it is taxes, extra pieces, or warranties. Why would buying a home be any different?

We all have a budget when making large purchases, and It’s my job to help you stay within your budget.

Assisting you with making the best choices for this huge financial commitment is what I do best!

Please keep in mind the following when coming up with your budget numbers:

Home Inspection

Home inspections may cost hundreds of dollars, but it is worth knowing the shape of the home before purchasing it. Would you rather spend a couple hundred now, or thousands later?

Mike Holmes Inspections are one of the top rated. Read more about their quality of home inspections and see how important a home inspection really is.

Taxes

Taxes are part of owning a property and the cost differs depending on the location of your home. Your Real Estate Agent will have all the information you need regarding land taxes.

To find out more on How Taxes Are Calculated (in the City of Oshawa) click here. For other cities, visit Google.ca for more information.

Lawyer Fees

You can’t get out of the lawyer fees. Lawyers are needed to be the one to close the deals on your home’s purchase and release the keys to your home. Lawyer fees may differ, so be sure to do your research thoroughly.

Learn about How To Find A Good Real Estate Lawyer here.

Property Survey Costs

Not usually needed, but good to be aware of. A survey lets your lender know your exact boundary lines and how big the property is.

These surveys, like home inspections can cost hundreds of dollars.

Visit Coutts and Flim Surveying Inc. for more information on Durham Region and surrounding areas.


 

As you can see, these factors will affect the cost you are willing to pay for your new home. After purchasing, you will be paying for a lot more than just your mortgage, so it is smart to be proactive and have a strict and realistic budget.

For example, if you thought you wanted to spend $450,000 on a home, after taking the hidden costs of buying a home into consideration, your number may have dropped down to $400,000.

You don’t want to go into this exciting adventure, not knowing all the information at hand that can help you prepare your finances and ultimately save you money.

Before heading out on your house hunt be sure to contact an expert to find out just what is involved when purchasing a new home.

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