Hidden Closing Costs

By: Thomas Cook

Hidden Closing Costs

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
            Note: If you’re a 1st-time buyer there are some credits which apply to both of these land transfer taxes
  There are too many variables for me to give you specific numbers here for these costs.
 
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 .
 
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650

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Here are 5 proven ways to move safely and smartly towards your real estate buying goal...

  1. Download a free copy of my Ultimate Home Buyer’s Guide book
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  1. Get a custom listings search set up for you and receive targeted listings daily
If this list is not specific enough for you, we can put together a custom list of homes.  Maybe you want only 2-bedroom condos in specific neighbourhoods, or only semi-detached houses, or even a certain school zone. 
 
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  1. Set up a step-by-step plan with the best ways to get to your home buying goal
At the beginning of the home buying journey, often the picture of what the end result might look like is a little ‘fuzzy’.
 
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.

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  1. Don’t start your home buying experience on the wrong foot - Meet for a Buyer Consultation first!!
Home buyers have come to us after trying to work with another agent saying “I don’t think he even knows exactly what I’m looking for and I’ve got questions he doesn’t have the answers to”.
 
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.
 
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