Home Buying Expenses/ Closing Cost
Buying a home involves one-time costs and monthly expenses (property taxes, mortgage, condo fee; if applicable, home insurance and utilities). The largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
The total cost of buying a home/condo involves not only the purchase price of the property, but also other closing costs. These expenses incurred by the buyer are necessary to complete the purchase, but are outside of the purchase price for the property. Fees, types of services provided, and procedures required in the closing process will vary by provincial jurisdiction. The closing costs are approximately 3%-4% of your home/condo price (excluding Mortgage insurance fee ).
Home/Condo Buying Expenses
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Closing Cost
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Mortgage application fee
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At time of application
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Property appraisal fee
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Closing
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Property tax hold back
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Closing
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Home inspection
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Upon offer acceptance
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Legal fees and disbursements
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Closing
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Title insurance
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Closing
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Deed and/or mortgage registration
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Closing
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Property Survey (sometimes provided by seller)
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Closing
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Land transfer tax
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Closing
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Mortgage interest adjustment / assumption fees (if applicable)
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Closing
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Adjustments for utilities, property tax, condo fees etc.
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Closing
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Home Closing Insurance (optional)
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Closing
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Home insurance
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On going
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Property Taxes
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On going
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Connection charges for utilities
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Date of move
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Moving expenses
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Date of move
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Additional closing costs when buying a new builder home/condo:
New builder closing costs can be almost twice more than that of resale property. They can be as follows:
GST on property price, if not included (rebate could go to the builder and is often reduced from the home price), condominium reserve fund (condos only), water/ hydro meter installation charges, paving holdback, landscaping/ tree planting, TARION registration (Ontario New Home Warranty), school/education levy, subdivision damage deposit, subdivision grading deposit, legal fee relating to mortgages arranged through the builder, vendor's lawyer insurance levy surcharges, GST/PST on extras and appliances, realty tax deposits, upgrades from builder standard finishes etc. Other costs may include condominium occupancy fees (for condos only), furnishings, appliances and repairs, if any.
Caution! Above adjustments can add up to thousands of dollars, if not properly reviewed and capped. When buying your new builder condominium with Amjad, you will receive a free review of builder's agreement of sale and disclosure documents by an expert real estate lawyer. Amjad will make sure that your investment is protected and you save more.
Typical on-going costs:
Typical monthly costs incurred with home ownership are property taxes, mortgage payments, condo fees (for condos), utility costs, maintenance and home insurance.
