Typical Closing Costs for Your Home or Condo Purchase
There are two types of costs in buying a home or condo — the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-25% of the total price of the property.
Typical One-time Expenses:
* Mortgage application and appraisal fee
* Property inspection (optional), due at time of inspection, not common in condos
* Legal fees, due at the time of closing
* Legal disbursements, due at the time of closing
* Property survey (sometimes provided by seller), due at the time of closing
* Land transfer, deed tax or property purchase tax, due at the time of closing
* Mortgage interest adjustment (if applicable), due at the time of closing
* Home and property insurance, at closing and ongoing
* Moving expenses, due on the date of move
* PST on High Ratio mortgages
Typical Monthly Expenses:
* Mortgage payments
* Maintenance (this could be condominium fees, or allocated maintenance fees)
* Property and content insurance
* Property taxes
* Utilities
Other costs may include landscaping, redecorating, furnishings, appliances and repairs.
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
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Contact the Jeffrey Team for more information
