Real Estate Editorial

I recently wrote an article called Buying First Home - Keep these Costs in Mind which pointed out some of the costs associated to buying a house that first time home buyers might not be aware of. Some of what I talked about were costs such as the Deposit, Down Payment, the Legal Fees, Home Inspection and finally the Property Insurance. All of these being important to budget for, or at the very least be aware of when buying that new piece of property. What I failed to mention were some of the other costs that might creep up on you when you buy that home. One of the major ones i didn’t mention was in Canada you may have to pay for Mortgage Loan Insurance. If the down payment is less than 20% CMHC (Canada Housing and Mortgage Corporation) requires you have insurance to protect the lenders from mortgage default. Without going into too much more detail, some other costs to consider are: Appraisal, Land Registration, Property tax/utility bill adjustments, Surveys, and Title Insurance. These are just a few additional costs that may new home buyers should be aware of; there is nothing worse than being blind sided by unexpected costs.