HOW MUCH ARE THE ‘HIDDEN COSTS’ ASSOCIATED WITH BUYING A CONDO?
OK, you’ve got a down payment saved BUT did you know that there are significant costs associated with purchasing a house or condo? So you not only need to have funds set aside for your down payment - a minimum of 5% of the purchase price for homes below $500,000 and approximately 7% when buying above $500K - you’ll also need extra money to pay your closing costs.
You’ll need extra cash on hand to pay for the following
- Legal fees for your lawyer
- Disbursements that your lawyer incurs during the transaction
- Title insurance
- If you have less than 20% down - PST on the CMHC high-ratio premium
- Province of Ontario land transfer tax
- City of Toronto land transfer tax
- Adjustments may also apply on closing for realty taxes and condo maintenance fees
- Condo owner’s property insurance
- IF you’re buying brand new construction, there are several more closing costs that may come into consideration
I’ve developed an Excel spreadsheet that can work out these numbers for a range of purchase prices to give you a very close estimate as to what you’ll need to set aside for your closing costs.
Let’s set up a time to review over a coffee or on a brief phone call what your personal closing cost numbers might be .
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Here are 5 proven ways to move safely and smartly towards your real estate buying goal...
- Download a free copy of my Ultimate Home Buyer’s Guide book
- Get a custom listings search set up for you and receive targeted listings daily
We can set up your HOMEWatch search for any area you choose (not just downtown Toronto), and you'll get immediate access to homes within minutes of them being listed. Just leave some search criteria here
- Set up a step-by-step plan with the best ways to get to your home buying goal
Our first-time and move-up buyers have told us that being able to meet with us on a casual basis as early in the process as possible, even if their purchase date was 6-12 months away, really worked the best for them.
To arrange your no-obligation Starbucks Strategy Session, click here.
- Join us for a Market Experience Tour - pick your favourite neighbourhoods and price range
The Market Experience Tour is a great way for you to figure out which neighbourhoods and condo buildings are right for you, and you’ll also get a good sense of what’s available in your price range.
Pick the date and time you like to go on your Tour.
- Don’t start your home buying experience on the wrong foot - Meet for a Buyer Consultation first!!
Don’t make the same mistake. Let’s set a time to meet and go over how the complete home buying process works, find out what your likes and dislikes are and what pitfalls you’ll want to avoid, before you seriously start looking for a house or condominium.
This is the best 90 minutes of time you’ll ever spend - set up your private Buyer Consultation.