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10 Costs When Buying a Home

1) Property Transfer Tax – In BC, you will pay 1% on the first $200,000, 2% up to $2,000,000 and 3% on the remainder.

2) Property Inspection ($400-$600) – Quality inspectors can identify house repair issues to include in your price negotiations and provide a roadmap for potential expenses you may incur in the future after you have purchased.

 

3) Appraisal Costs ($250-$400) – you may or may not have to pay for an appraisal.  Many mortgage insurers use auto-appraisal systems that avoid you having to cover an independent appraisal fee

4) Legal Costs – fees to insure proper registration of your property.  Can be carried out by a lawyer or a notary.

5) Land Title Insurance – these fees are applied at the lawyer’s office and will range from $300-$400.

6) Moving costs – whether you choose to hire movers or do it yourself, you’ll need some funds to cover these expenses.

7) Utilities – heat, electricity, cable, internet, security – each hookup will cost approx. $80

8) Property / Fire Insurance – insurance required to be in place prior to the lender advancing funds for the mortgage.

9) Life and/or Disability Insurance – voluntary expense but very important to protect you and your family in case of death or injury.  Very important to speak with a licensed insurance broker and not just take the bank offered insurance.  Not all insurance is created equal!!

10) Mortgage Payment – decide whether you will pay weekly, biweekly or monthly and be comfortable with the payments.