buying your home in Ottawa

When buying your home in Ottawa, you will realize that there are actually more expenses that you have to pay for aside from the price of the home. As a smart homebuyer, you should be aware of these extra costs to ensure that you are able to prepare the right amount that you need for the purchase. Don’t get caught unaware and find out later on that you don’t have enough to finance your home purchase.

Extra Costs When Buying Your Home In Ottawa

So what are these extra costs that you need to look out for when buying your home in Ottawa:

Property Tax. You should clear out with your lending institution if the property tax will be included in your monthly mortgage payments or not. Most of the time they already are but sometimes they are not. If they are not, then you should have a proof that your taxes are paid. This will entail extra cost and also extra stress if you did not anticipate this.

Insurance. Lending institutions will usually ask for proof that you have insurance. They will do this because this will serve as their protection of their investment on the loan. The insurance will cover the replacement worth of both the structure and content of your home.

Survey. If you are buying an existing home, it is crucial to have an updated survey. If the previous homeowner does not have an updated property survey, then this may be an additional cost for you. It is best to have an updated survey; otherwise, this may be a surprise expense later on.

Appraisal. If the lending institution requires an appraisal of the home, you will have to provide this. If you already have one, it’s better. However, if you don’t have an appraisal yet, you should prepare an additional amount for it.

Lawyer Fees. Buying a home involves a lot of paperwork. If you are not an expert on this area, it is best to consult and hire the service of a lawyer to help you with paperwork. This way, you will get better understanding of all the legal issues of the purchase.

Mortgage Broker. The mortgage broker will be the one to assist you with the financing aspect of the purchase. He will also help you find a good lending institution. You should clear out with the mortgage broker if he will charge the professional fee to the lending institution or to you personally.

Be A Smart Homebuyer in Ottawa

If you are buying a home in Ottawa, be smart and prepare for all possible expenses. Don’t get caught off guard and be surprised later on with all the extra expenses that you have to pay for.