Closing Costs: What To Prepare For

by Kirat Chung on July 3, 2018

Closing costs? What are closing costs? I get this question a lot when I am working with first time buyers. I’m not surprised by the lack of awareness when it comes to this topic. No one ever mentions that there is a lot more to buying a home than the purchase price.

Here is what you need to account for when preparing to purchase a home:

• Home insurance
• Mortgage insurance
• Tax
• Property Transfer Tax
• Legal fees
• Adjustments (balance of property tax etc)
• Appraisal Fee

Other costs to consider include:

• Move in fees – charged by most condo buildings
• Utility installation fees
• Furniture
• Renovations

These costs can be minor to some and more significant to others but regardless they need to be planned for. If you would like more information please get in contact with me anytime – I’d be happy to answer your questions.