Learn the 13 Hidden Costs When Buying a Home

13 Extra Costs to Be Aware of Before Buying a Home in Durham Region or Northumberland!

As a homebuyer, you want to make sure that you are aware of extra and sometimes hidden costs when buying a home that can blow your budget.

With our free special report titled “13 Extra Costs to be Aware of Before Buying a Home”, you’ll find out what you need to know before purchasing a house.

Here are a few examples of the hidden costs when buying a home to get you started:

  1. Taxes
  2. Moving costs
  3. Insurance
  4. Fees

1. Taxes 

There are several types of taxes associated with a home purchase that you should be aware of. 

Property taxes can be a huge cost. Your mortgage company may include your property taxes in your monthly mortgage payments. Or, they may require yearly proof that the property taxes have been paid.

Another tax that comes up is the land transfer tax. This tax is applied any time land ownership is transferred.

2. Moving Costs

Chances are, when you move into a new home you’ll need the help of professional movers. 

According to a recent study, moving costs in Oshawa range from $550 – $2,700. If you haven’t budgeted for it in advance, the average moving cost in Ontario can put you in a financial bind. 

The costs vary depending on whether you are using the movers to just move or also for packing. The rate also changes depending on how far you are moving and how many bedrooms your current home has. 

3. Insurance

As always with a home, you will need to have insurance. 

Property insurance covers the replacement value of your home. This covers both your home’s structure and its contents. Your mortgage company will require proof of property insurance.

You may also be required to pay a mortgage loan insurance fee. Depending on the total cost of the mortgage, rates range from 0.5% to 3.5% of the total amount. These payments are usually made monthly.

4. Fees

There are also many fees associated with buying a house.

If your mortgage company requires an appraisal, you will be responsible for paying that fee. The fee ranges from $175 – $300.

If you purchase a resale home, you may be required to get an updated land survey. The fee for a land survey ranges from $700 – $1,000.

You may also incur legal fees if you involve an attorney. A lawyer’s rate can vary considerably based on their expertise and locale of practice.

If you are purchasing a condo, you will be charged a monthly fee for maintenance of common grounds. These costs will vary depending on the condo.

To learn all the hidden costs when buying a home, complete the form below for access to our free report. Don’t be caught off guard with hidden costs when you purchase a new home!

To find out how much you can afford and for local listings in the Oshawa and surrounding areas, call us at (905) 440-0505, contact us here, or fill out the form below. 

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Matt Cooper, CEO | BROKER OF RECORD, Kendell Attrux, CFO | REALTOR
Matt Cooper is the Owner | CEO | BROKER OF RECORD with Your Home Sold Guaranteed Realty of Ontario and has 35 years of sales & marketing experience. Matt and his wife, Kendell, opened their very own brokerage in 2020 during the pandemic. They are serving more families with every passing year! 20+ years and counting! Being anointed "Official Realtors to The Humane Society of Durham Region" has been an honor for them. Matt, Kendell & team know - When you put others first, you will never be second! You can find Matt's full bio here.
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