Buying a home is a big investment – likely the largest one you will ever make. The cost to buy a home should be carefully considered to avoid the risk of financial difficulty in the future.
Since this decision has a large impact on your wallet, we want to take some time to explore the many costs associated with buying a home. Doing your homework and knowing the average cost of these services in your neighbourhood will help you choose a home within a realistic price range.
1️⃣Deposit: Depending on your location and the price of a home, you may need to put a deposit on a home as a security measure to ensure you don’t lose it to another interested buyer. If you are required to pay a deposit, it will become part of your down payment once you have purchased the home.
2️⃣Down Payment: In Canada, the minimum amount you need to put down on a home is 5%. While this is realistic for most first time home buyers, having a down payment of 20% or more will help buyers avoid paying Mortgage Loan Insurance.
3️⃣Land Transfer Tax: When you buy a home, you are required to pay a land transfer tax to the province upon closing. This tax is normally based on the amount paid for the land, as well as the remaining amount on any mortgage or debt assumed as part of the arrangement to buy the land. Cost will vary depending on your municipality, the size of the land and other factors. Alberta, Saskatchewan, and parts of Nova Scotia do not have Land Transfer Tax at all, while other provinces use a tiered system.
4️⃣Appraisal Fee: An appraisal will normally cost between $200 and $300 but can vary depending on your location. This will help prevent you from borrowing more than you need to, and will prevent lenders from giving you too much.
5️⃣Home Inspection: A home inspection is a necessary step in your home buying process and will normally cost an average of $350 depending on the size, age, and condition of the home. This helps ensure there are no unexpected maintenance or home improvement costs upon purchasing the home.
Every Christmas we have so much fun pulling out old DVD’s and re-living some of the Christmas Classics, like National Lampoon’s Christmas Vacation!
Did you know that the Griswold home is on a street called ‘Blondie Street’ which was built to look like a suburban neighbourhood?
The street may look familiar, as it has also been home to many movies and TV series, including Lethal Weapon, Pleasantville, Bewitched, The Partridge Family, and now The Middle. There are 12 residential homes on the street in a variety of styles.
What’s your favourite Christmas movie? #petastewartcpc
Todays #dailyui - #004 is about a calculator - Mortgage calculator web app that takes you to a special page after you answer a few questions. This stage shows you a visual that would fluctuate as you input different parameters. #design#webdesign#dribbble