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If you're a first time home buyer, it's easy to get caught up in the excitement of looking at all the real estate for sale in Toronto and forget about the practicalities of actually buying it. Many people assume that the price in the listing is the total price they'll be paying to buy the home and make their offer up to the last penny they can get, but this is a mistake. You need to leave at least several thousand dollars aside from the purchase price of the home in order to pay for the closing costs. Here are some of the costs and fees you'll need to pay in addition to the price of the home:
You can't make an offer on a unit of Bloor condos without having a lawyer draw up the official contract. Otherwise you risk giving the seller a loophole he can exploit. Unlike realtors, who take their commission off the purchase price of the house, lawyers will need to be paid an hourly fee once your service with them ends at closing. Most lawyers charge upwards of $150 per hour.
You would never purchase a piece of Ajax real estate without first determining whether the lot is really the size that the seller claims and whether the home that sits on it meets the city's building codes. Both of these inspectors will need to be called in before you sign anything, and their fees are part of the closing costs. Each one will likely charge several hundred dollars for their services.
Registration and Title Fees
Vaughan houses need to be registered to their new owner. Registering a property or changing the ownership costs money, as does getting the sale documents notarized by an official. Most jurisdictions also charge some sort of tax on the sale of property, so be prepared to pay that as well. It could amount to several thousand dollars depending on the value of the property you bought.
The Guelph real estate you've just bought is the most valuable thing you own, and you'll want to protect it by purchasing homeowner's insurance. Most banks won't even give you a mortgage if you don't have insurance. Depending on your home's value, your insurance provider and your coverage, your insurance will cost between several hundred and several thousand dollars each year.
Utility Connection Fees
No doubt you've budgeted the cost of your water, heat, electricity, telephone, internet, and television service into your monthly expenses, but don't forget that each entity will charge sometimes as much as $100 in your first month of service as a fee for setting up your service, even if a technician doesn't need to come and install anything.