Cost Of Buying
Have you ever experienced something in your life and then thought to yourself afterwards, “why didn’t anyone ever tell me that before?”
When you’re getting ready to purchase a house in Edmonton, whether it’s your first or one of many, costs and fees are usually the fine print that some people don’t want to talk about – no worries, we have your back!
Purchasing a home, can be very overwhelming and difficult to think of everything so we’ve made a handy list of real costs to consider when calculating your final budget and avoid costs you weren’t prepared for.
- Deposit: A deposit that counts towards your down payment is required, when you make an offer. Minimum of 5% is required as a down payment to purchase a property.
- Home Inspection: It is highly recommended that you get a home inspection done prior to removing conditions. A home inspector will prepare a report, containing the condition, of the home & necessary repairs or maintenance required.
- Legal Fees & Disbursements: You will require the help of a lawyer to assist with the closing of your property.
- Property Tax: On June 30th every year property taxes are due. You will be responsible for the remainder of the years property taxes.
- Title Insurance: To protect your purchase it is recommended you purchase title insurance.
- Property Insurance: It is required that you obtain property insurance to replace the value of your home and its contents.
- Utility Set-Up: Setting up utilities on a new property often requires a security deposit, or pre-payment.
- Moving Costs: Professional movers and moving supplies is also something to consider.
As a general rule of thumb, it is recommended you have a minimum of 1.5% of the purchase/sale price set aside for costs associated with buying Real Estate.
For more information please give us a call at (780) 457-5657 or visit our Contact Page.
