As a homebuyer, you should prepare not just for the asking price of the home but also for the additional costs that may come along unexpectedly. When purchasing a home in Ottawa, some homebuyers get surprised with the additional costs that they did not expect for. It pays off to be prepared and know beforehand all the other things that might cost you with your home purchase.
Home Purchase Extra Costs
Some of the extra costs are one time payments but some are regular monthly or annual payments. If you have a real estate agent working with you, you will have a better understanding of what these extra costs are. Bear in mind that buying a home is costly enough. If you don’t anticipate the extra expenses, you might end up short budgeted.
When trying to estimate the extra costs, you should take into consideration your specific situation. Some expenses apply to other homebuyers but they may not apply to you. A real estate agent will help you identify which of these extra costs applies to your case.
How Much Are The Extra Costs In Purchasing A Home In Ottawa?
So how much are you looking to pay extra for your home purchase? The appraisal fee can amount to up to $300. This will depend on where you will get your appraisal. If the home survey is not updated, you will have to shoulder the cost of the survey. On average, this will cost you around $1000. Your real estate agent may be able to recommend a surveyor who charges lower than this though.
Now let’s talk about the taxes. As the homebuyer, you may be the one to shoulder the property tax and the land transfer tax. The monthly mortgage payment may or may not include the property tax. As for the land transfer tax, it applies to the transfer or change of hands of the property. The amount to pay for it depends on several factors.
When you purchase a home in Ottawa, expect additional costs for the moving. You will have to hire a mover and this can cost you up $100 per hour especially if you plan to move during the peak season. Furthermore, you have to ask if there are any area maintenance or homeowner fees that you have to pay for. Some areas implement this.
Be Prepared
As a new homeowner, be prepared. It can be financially exhausting to find out that there are still a lot of expenses that need to be paid. Don’t get this unwanted surprise later on.