Plan Your Expenses Carefully When Purchasing an Ontarian Property

Whether you are a first-time homebuyer or a seasoned investor, understanding the potential costs will help plan your budget and avoid any nasty surprises when planning to purchase a property in Canada. As two of the most preferred and trusted Canadian real estate brokers, we have come up with the following list of a few of the typical expenses that you must consider before owning a house in Ontario.

The minimum down payment is a significant upfront cost when purchasing a home anywhere in this country. It usually amounts to five percent to twenty percent of the purchase price of any given property in Canada. Make sure that you have sufficient money to pay for the same. You may even start saving for the minimum down payment if not already as long as you are not purchasing real estate in the immediate future.

 Homebuyers are subject to a Land Transfer Tax when purchasing a property. It varies based on the present financial worth of the property in question and amounts to a certain percentage of the property purchase price. However, first-time homebuyers may qualify for a partial waiver on their Land Transfer Tax.

Engaging a real estate attorney or public notary is equally critical to ensure a smooth and lawful property transaction. Your legal fees will cover charges for various services, such as title searches, document preparation, and conveyance of the property that you intend to purchase. You will be accountable solely to reimburse each of the aforementioned costs.

A professional home inspection is an extremely vital tool to diagnose any potential issues with the property in question, and whilst it is certainly not mandatory to hire one, we highly recommend employing a qualified home inspector. The overall cost of a home inspection will vary based on the size, location, and complexity of your potential property.

 Call us now to schedule a no-obligation consultation at your convenience!