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Hidden Costs of Buying a Home

ADVICE Author: Kam Brar

Hidden Costs of Buying a Home 

Home purchase can be stressful for anyone, especially the first time home buyer.  There are lots of extra costs besides the actual purchase that they may not be aware of.

It helps when you know about these extra costs in advance to avoid any unexpected surprises. 

Here is a list of potential extra cost when it comes to Home Purchase:

Closing costs: Refers to Legal Fees such as Adjustment costs and Land Transfer Taxes.

Legal Costs: Cover Lawyer fees and legal transactions. Reviewing the term of the offer, signing over mortgage, title search and title registration. Determining appropriate adjustment costs (payment to seller for prepaid property taxes, gas, etc.).  If you do not have a lawyer your realtor or mortgage broker should be able to recommend a suitable one.

Property Survey: Done to verify the legal boundaries, measurements and identify Right of Ways, Easements Etc.  Title Insurance is also often and alternative to Survey.

Interest Adjustments: This is the difference in interest between the closing date and the first payment date of the mortgage.

GST & Sales Tax: Always ask if one of these or both applies before signing an offer to Purchase.

Inspection Costs: Sometimes it is a good idea to have an inspection done on the home you want to purchase.  This might save you money in the future for unforeseen repairs.

Moving Costs: If you are moving a distance you need to take into account all the cost involved in moving your stuff to your new home and getting yourself there. There are also the costs of utility hookup fees and storage fees if needed.

So here are a few thing that need to be taken into account before spending that full mortgage amount on the house.

You may have the house but are going to be very unhappy if you cannot run it or move anything into it.

Contact Information | Auxilium Mortgage Corporation
Name:	Kam Brar
Company:	Auxilium Mortgage Corporation
City:	Victoria
Province:	British Columbia
Country:	Canada
Phone:	250-590-6520
Email:	Email
Website:	http://www.kamthemortgageman.com