10 Things You Should Budget For When Buying a Home

If you’re looking to buy a home in Oakville or surrounding area, Oakville real estate services professionals can help you find the home of your dreams. Most  of the real estate agents in Oakville will ask about your price range, and can even give you access to mortgage brokers who will work hard to get you the best mortgage terms possible. What many realtors don’t talk about, though, is the extra costs that can come from buying a home. These extra expenses, if not budgeted for, can cause serious inconveniences and you could even end up having to give up your dream home for another, lesser priced one.

When it comes to Oakville real estate services, choose a professional who will guide you through the entire process and explain to you upfront what kind of fees and expenses to expect, before, during and after the buying process.

1. Property Taxes: You can decide whether or not to include the property tax fees into your mortgage payment. If you do, expect your payment to be higher. The lending institution usually charges an extra fee for this; however, it does provide peace of mind knowing that your taxes are paid in full each year.
    
2. Appraisal Fee: Your lender may require an appraisal of the property you wish to buy, and this will be your responsibility to pay for. A professional appraiser can charge anywhere from $175 – $300, depending on the type of and location of the property.
    
3. Survey Fee: This may be a request from your lending institution, and they will need proof of an updated survey. This is especially prominent with older homes and homes with large property boundary lines (eg. Farms). A survey can cost anywhere between $700 and $1,000.
    
4. Property Insurance: Insurance is a requirement if you are obtaining a mortgage. This will cover the replacement value of your home and contents in the event of a natural disaster, theft or fire. Costs will vary depending on the price of your home and which company you choose to go with. A professional providing real estate services in Oakville or Milton can help you choose a reputable company if you’re undecided.
    
5. Maintenance fees: If you’re purchasing a condo, you’ll have to factor in monthly condo fees. These vary greatly and can include utilities such as heat and cable, so make sure you know exactly what is included in the fee, and how much. Oakville real estate services professionals should tell you this information before you put in an offer on a home.
    
6. Service Charges: You may be charged by the utility companies, such as hydro, gas and telephone, for a ‘hook-up’ fee or an initial deposit. These fees vary depending on the utility and your location, so call ahead and ask for precise amounts that you will have to pay upfront.
    
7. Legal Fees: Lawyers don’t work for free! They are going to charge you to review all paperwork and to ensure that the transaction goes smoothly without any title issues. Fees vary from firm to firm, and a Milton real estate services professional can recommend someone if you don’t have a lawyer.
    
8. Mortgage broker’s fee: Most brokers get paid by the financial institutions that they work with. Others, though, charge a fee to the buyer. Make sure you know if there are any fees owing and consider working with a broker that doesn’t charge a fee. Ask your Oakville real estate services advisor who they would recommend.
    
9. Land Transfer Tax: When you purchase a home, you will be expected to pay a land transfer tax. The amount will depend on the purchase price of the home, so make sure you get this information from your Milton real estate services
    
10. Moving costs: A professional mover can charge anywhere from $50 to $100 an hour, and costs will vary depending on how much there is to move, and how far you are going. Call and make arrangements well ahead of time.

Whether you are moving to Oakville, Milton or the surrounding areas, Oakville real estate services, and Milton real estate services can help you get there. Call a qualified real estate salesperson today and find out how they can help you find the home of your dreams, at a price you can afford.