Hidden Costs Borne To Own a Home Sweet Home
Buying a new house is a joyous feeling. One feels excited about the whole thing but at the same time a few unexpected expenses apart from the cost of the house can take away all the happiness. So, if you are also planning for a new house you must know about these hidden charges that you must add to your budget.
When you buy a new house, you are required to complete some legal formalities. One can either hire a lawyer but a person specializing in real-estate deals would be a better option. They can charge you around $1000.
When you buy a new house you will be required to get the property transferred on your name and for that you need to pay the land registration tax. Along with that, provincial sales tax is also charged on your new property. That’s not it. You will also need to pay a fixed amount every month as property taxes for owing your own place. The taxes vary according to your geographical location.
It is advisable that before investing your hard earned money into a property you must get it inspected by a reputed inspector. Make sure you ask them beforehand about the service they will offer. Similarly, if you are buying a mortgaged land then you need to get it surveyed to make sure there are no legal problems with the land. Both can cost you anywhere between $500 and $1000.
There are some closing adjustments that you need to do with the seller if he has paid some property tax or any other utility bill in advance. The lawyer can take care of these charges.
You need to buy mortgage insurance, when the mortgage sum is above the three-fourth of the selling price of the house, from the Canada mortgage and Housing Corporation. The insurance amount is on basis of mortgage amount to value of property ratio.
When you are moving to a new place, packing can test your nerves. In that case, you will need to hire movers that can add to your budget. You must ask them beforehand about their services and charges. The cost can depend upon the place you are moving in. moreover, if you need to vacant your old house before you get the possession for the new one, you will have to incur storage cost too.
Finally, you might need to buy some new things for your place that may include some appliances like television, washer or things like window coverings and may more. Apart from that getting new cable, telephone, gas, internet connection etc. will also be expensive. But you can ask the existing provider they may offer you some discount for continuing with them.