Buying a home involves both one-time costs and more regular monthly expenses. It's important that you take both into account when you're figuring out how much you can spend on a home.
The largest one-time cost is the down payment, which usually represents up to 25% of the total price of the property. Then, in addition to the actual purchase price, there are several other expenses that you may be expected to pay for.
Typical One-Time Expenses
Paid at time of application
- Mortgage application and appraisal fee
- Property inspection (optional)
Paid on closing
- Legal fees
- Legal disbursements
- Deed and/or mortgage registration
- Property survey (sometimes provided by seller)
- Land Transfer, Deed Tax or Property Purchase Tax
- Mortgage interest adjustment and take over fee (if applicable)
- Adjustments for fuel, taxes, etc.
- Mortgage insurance (and application fee if applicable)
- Home and property insurance (closing and on-going)
Date of move
- Connection charges for utilities such as gas, water and electricity
- Moving expenses
Other costs may include landscaping, decorating, furnishings, appliances and repairs. Typical monthly costs include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.