There are many necessary costs to purchasing a home, and a home inspection is one you definitely shouldn’t skip.  

  • It Provides an “Out” - A quality home inspection will reveal critical information about a house.  THis allows you to be aware of what costs, repairs and maintenance the home may require immediately. If you aren’t comfortable with the findings, it usually presents on las opportunity to back out of the offer to purchase.

  • Safety - A home inspection can detect safety issues like radon, carbon monoxide, and mould.  

  • Reveal Illegal Additions or Installations - A home inspection can reveal whether rooms, altered garages or basements were completed without proper permit, or did not follow code. This can affect insurances,…

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Buying a home is likely going to be the largest purchase of your life, and the total cost goes beyond just the purchase price.  Here’s what you can expect for costs associated with your purchase.

  • LAND TRANSFER TAX | .5-2% of value

  • When a home changes hands, many provinces and a few municipalities, charge a property transfer tax, or title transfer fee.  It can add thousands to your purchase price. (First time home buyers qualify for rebates or exemptions in some provinces)

  • APPRAISAL FEE | around $500

  • Your lender may ask you to have a home appraised to confirm its market value.  Fees vary depending on a property’s value and complexity… CLICK HERE TO CONTINUE READING

  • LEGAL FEES | $500-$800

  • A lawyer or…

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Before you start house hunting, be sure you are comfortable with the obvious and less obvious costs of home-ownership.

The Price Range

The first thing you need to do is determine how much you can afford. Being pre-approved for a mortgage can help set a guideline for your monthly mortgage payment. Keep in mind one-third of a mortgage payment includes property tax and any other secondary financing or condominium management fees, if applicable.

Test this guideline by reviewing your current spending. Do you, for instance, have a commitment to a car or personal loan ? How much do you spend on rent, clothing, transportation, entertainment and travel? Would the guideline mortgage payment still be comfortable considering these expenses? 

Looking…

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Renting and buying are distinctly different experiences. You may already know some of the reasons you'd like to buy your first home. Or maybe you have some reasons for wanting to continue to rent.


It helps to consider both sides before you make a decision. After all, buying a home is most likely the biggest investment you've ever made. Renting or buying - which is better for your current situation? Only you can make the decision that's right for you! Click to view our side by side comparison.



 

Rent

Own

Repairs

Call the landlord

Figure out what’s wrong.  Fix it yourself or call a professional to help

Painting/Decorating

Call the landlord. All changes have to be…

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