Owning a home is one of the largest investments we make in a lifetime. However, some people only consider the purchase price. They don’t see other expenses associated with owning a home.
Some of these expenses can be shocking. And it will be easy to be caught unaware by them.
This is why you need to know them when searching for Houses for Sale in Sage Hill. Here are some of the hidden costs:
- Home Inspection Fees
It is very wise to get a home inspection before buying any property. This service is not cheap, and the costs may vary from $400 to $700.
However, this depends on the size of the house and its location. They are activities that expose issues that are not necessarily noticeable.
- Land Transfer Taxes
In many provinces, the law requires first-time buyers to pay the land transfer tax. The amount doesn’t just depend on the house location. It also depends on the house price.
These charges can range anywhere between hundreds and thousands of dollars. Remember to take them into account when planning for financial costs.
- Legal & Administrative Costs
Legal assistance from a real estate lawyer is beneficial. This is true, especially when purchasing a home. Pricing is generally between $1000 and $2500.
However, it is best to contact a particular attorney to get an accurate quote. This is because there might also be administrative fees for title searches and property registration.
- Mortgage Insurance
If your down payment is less than 20%, then you will need mortgage insurance. However, this could be expensive.
The premium is paid as a lump sum at closing. It is a dream come true for many, but it comes with the added expense of home maintenance.
- Moving & Utility Setup Costs
It’s not just about renting a truck and calling yourself a moving service. It is also about connection fees for utilities. These fees change depending on several factors.
Moving costs may not just increase if you change your address. They can also increase when you get internet services.
- Property Repairs & Maintenance
Owning a home is wonderful. However, don’t forget that you’re also fully responsible for the property’s maintenance and repair.
These may include maintenance of furnaces and roofing repairs. Mostly, you can’t avoid these expenses and may pile up over time.
- HOA Fees & Local Charges
Looking to buy a property in a community with a homeowners’ association (HOA)? Well, know that you will be charged monthly or annual fees.
These don’t just include the costs for shovelling snow. It also includes expenses for maintaining a lawn or yard.
Other Cost Factors to Consider
The following are a few more hidden costs that some of us don’t consider:
- Closing costs
- Home insurance
- Pest inspections
The bottom line is that buying a house is exciting. However, it can also be a time when you need to be practical about the financial side.
Don’t just consider attorney fees and long-term maintenance expenses. Consider other extra costs of homeownership, too, that may add up quickly.
