There are many more expenses to buying your new home than just qualifying for the mortgage
Many of them are just one time costs, but some may be continue on. To ensure you haven’t forgotten anything, I’ve come up with this checklist for potential first time buyers to assist in determining your overall budget.
GST and/or PST if applicable
Property or Land Transfer Tax
Home Inspection Fee
Survey Fee – in some cases
Legal Fees and Disbursements
Any Adjustments ( determined by legal and reimbursed to the vendor)
Strata and/or Condo Fees
Mortgage Application Fee if applicable
Deed and /or Mortgage Registration Fee
Mortgage Brokers Fees if applicable, (many brokers fees are paid for by the lender usually)
Mortgage Loan Insurance Premium if only 5% is a down payment
Mortgage Loan Insurance Application Fee if only 5% is a down payment
Moving Expenses – obtain at least 3 companies quotes well in advance
Any future renovations or repairs to your new property, budget accordingly
Any future décor choices like window coverings, paint or flooring.
Hi, I'm Larry. I'd love to connect. My focus is on downtown Vancouver real estate in the neighborhoods of Yaletown, Kitsilano, False Creek, Coal Harbour, Gastown, and the West End. Buying Vancouver real estate is a big decision and it can be an emotional time. I put your needs first and work around your schedule.