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There are
many costs
that
homebuyers
incur,
especially
upon
purchasing
your first
home that
you should
expect to
pay. Some of
the expenses
related to
buying a
home are
one-time
costs, while
others are
continuing
costs.
Your largest
cost at the
beginning is
your down
payment. As
a first time
buyer, this
would likely
represent
only 5-10
per cent of
the purchase
price.
However, you
should be
prepared to
pay for
additional
costs, such
as:
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- Legal fees and disbursement
- GST
- Property or Land Transfer Tax
- Adjustments (reimbursed to the vendor)
- interest
- property taxes
- utility payments
- Strata or condominium fees
- Estoppel certificate fee
- Survey fee
- Home inspection fee
- Water quality and quantity certificate
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- Appraisal fee
- Mortgage broker's fee (if applicable)
- Mortgage Loan insurance premium (if only 5 per cent down)
- Mortgage Loan insurance application fee (if only 5 per cent down)
- Moving expenses
- Renovations and repairs
- Furniture, paint, carpeting, window coverings, etc.
- Service and utility hook-up fees
- Property/condominium insurance
- Mortgage application fee
- Deed and/or mortgage registration fee
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Additionally,
once you
have
purchased
your home,
you will
incur
regular
expenses on
a monthly,
quarterly or
yearly
basis. Some
of these
costs
include:
- Mortgage payment
- Water and/or sewer payments
- Electricity and gas services
- Cable and telephone services
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- Property taxes
- Strata or condo fees
- Repair/maintenance expenses
- Homeowner's insurance
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