Extra Costs to Consider when Buying a Home

Be Informed of the Possible Extra Cost When Buying a Home for a Smooth Transaction

Understanding Additional Costs in Home Buying:

  1. Appraisal FeeBuyer’s responsibility to pay for an appraisal if requested by the lending institution.
  2. Property TaxLending institution may include property taxes in monthly mortgage payments. Annual proof of tax payment may be required if not included in mortgage.
  3. Property InsuranceProof of home insurance is necessary to protect the lender’s investment.
  4. Service ChargesNew utilities may require installation fees.
  5. Legal FeesLegal assistance during home purchase may have varying rates.
  6. Mortgage Loan InsuranceRequired for some mortgages depending on equity, usually paid monthly.
  7. Mortgage Broker’s FeeMortgage brokers may charge a fee or have the lender absorb the cost.
  8. Moving CostsExpenses for moving can increase during peak demand seasons.
  9. Maintenance FeesMonthly fees for common area maintenance in condominiums.
  10. Land Transfer TaxApplied when property changes hands, the amount can vary.

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