First Time Buyers: All about mortgages | Government assistance | Planning for your purchases - the extra costs | Homeowner's insurance | Land Transfer Taxes | Home Inspections = Peace of mind

PLANNING FOR YOUR PURCHASES - THE EXTRA COSTS

You should be prepared for the many costs associated with the purchase of a home. Some of the more common costs, which vary by province, include:

• Legal fees
• Fees for the registration of your deed and mortgage
  
• Mortgage processing fees
  
• Mortgage insurance and application fee (if you have a high ratio mortgage)
  
• Home, fire, mortgage life and disability insurance
  
• GST (only on newly constructed homes)
  
• Adjustments for property taxes and/or utility costs already paid by the existingowner
  
• Connection charges for utilities such as gas, electricity and water
  
• Provincial taxes (B.C. only)
  
• Land transfer tax
  
• Land survey fee
  
• Home inspection (if desired)
  
• Moving expenses
  
• Appliances, furniture, draperies and gardening equipment
  
• Landscaping
  
• Decorating
  
• Repairs

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