Shana Fellows
Sales Representative
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How much $$$ do I really need?

Updated Tuesday, May 13, 2014  ::  Views (1867)

How Much will it Really Cost Me?

 

Upfront Costs -

  • Home Inspection: 90% of home buyers opt to add a home inspection clause. And why not? For an extra $350 (approx.) on the biggest purchase of your life!  These home inspectors view hundreds of homes a year and they do their best. Its worth it for an extra set of eyes, as well as an excellent learning tool to find out all about your new house.
  • Appraisal Fee. Almost all mortgage lenders require an appraisal at your expense. The cost is usually between $250 and $350 and gets rolled into your transaction with the bank. They arrange it and send their own appraisers.
  • Down Payment. With mortgage loan insurance from CMHC you can own your home with a minimum down payment of 5%. At least 20% of the purchase price is usually required for a conventional ("non insured") mortgage. What does that mean? Unless you can come up with 20% your going to give/pay CMHC a fee of thousands of dollars. Lots of banks love to roll right over this HUGE hidden fee. So be aware that were your money is going. Especially if you have it ! Why wouldn't you put down 20% instead of 5%?
  •  Land Transfer Tax,  Anyone who isn't buying their 1st home is stuck with this lovely provincial charge upon closing.  The cost is a percentage of the property’s purchase price and will vary. Check with your lawyer to see what the current rates are. You can also google it.
  • Property Insurance. The mortgage lender requires this because the home is security for the mortgage. This insurance covers the cost of replacing your home and its contents. Property insurance must be in place on closing day. Any home with Aluminum wiring, buyers should be arranging that within the week their offer is conditional. Any good agent knows Insurance companies have cracked down on it & doing your homework up front will help any surprises before your closing date.
  • Water Tests. If the home has a well, you will want to have the quality of the water tested to ensure that the water supply is adequate and the water is potable. You can negotiate these costs with the vendor and list them in your Offer to Purchase.
  • Legal Fees and Disbursements. Must be paid upon closing and cost a minimum of $500 (plus GST/HST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property.
  • Real Estate Commission. This is negotiable but always paid by the sellers. Not the buyers. The typical percentage in Sarnia real estate is 5%-6%.  This is percentage is cut in half and that is how the buyers agent is paid is. for sale

If I can help you in any way please contact me today ! Honestly, Integrity & Results . Serving Sarnia with great customer service for over 6 years.  Call Today :)

 

 

  Sarnia Real Estate , Sarnia homes for sale, houses for sale, sarnia houses, sarnia Lambton for sale

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