The Hidden Costs of Buying Your First Home in North York with GTA Realty Man Fardad Farhanian

The Hidden Costs of Buying Your First Home

1. Home Inspection

Highly recommended by real estate experts.
Identifies potential issues (e.g., mold, roof damage).
Can save thousands of dollars in future repairs.

2. Land Transfer Tax

Varies by jurisdiction (provincial/municipal).
Example: Toronto buyers pay both municipal and Ontario land transfer tax.
Some areas, like British Columbia, offer rebates for first-time buyers.

3. Legal Expenses

Real estate attorney assists with contracts and transactions.
Costs include a flat fee, GST/HST, and disbursements (office expenses, title search fees, registration costs).

4. Title Insurance

Provides coverage for legal ownership issues (e.g., record errors, property liens).
Ensures peace of mind when transferring the title.

5. Land Survey

Confirms property boundaries.
Needed for tree placement, renovations, or additions.
If not provided by the seller, buyers must pay for a new survey.

6. Condo Fees

Monthly fees cover maintenance and reserve funds for emergencies.
Important to consider future fee increases and current fund management.

7. Hook-Up Costs

Includes connecting utilities, cable, and internet.
Essential to budget for these often-overlooked expenses.

8. Moving Costs

Expenses for professional movers or moving van rentals.
May include additional storage costs if there are move-in delays.

9. Mortgage Default Insurance

Required for down payments less than 20% of the purchase price.
Purchased from entities like Canada Mortgage and Housing Corporation (CMHC).

10. GST/HST

Additional 5-15% sales tax on new constructions.
Varies by location (e.g., 5% GST in Alberta, 13% GST/HST in Ontario).
Potential for federal rebates depending on circumstances.

Final Thoughts

These hidden costs are common in the home-buying process.
Prepare your budget to cover these expenses, adding up to 8% to your down payment.
Proper planning ensures a smoother transition to homeownership.

For expert guidance, contact your local RealtyMan real estate agent.

Contact Information:

Are looking for affordable North York townhomes for sale

Contact Details

Fardad Farhanian

Phone

(416) 707-1031

[email protected]

Address

7646 Yonge St Thornhill ON L4J 1V9

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The Hidden Costs of Buying Your First Home