Kingston Ontario Real Estate
   

For Buyers

Buying a home is probably the biggest investment you'll ever make. The first thing to keep in mind is that buying a home is never a simple proposition. There are many things to consider such as financial budget, lifestyle and location as well as the many housing and mortgage options.

Before you start looking for a home, you'll need to establish what you can afford. This means closely examining your finances including income, expenses, investments, savings, loans and debts. Looking at your financial situation helps you establish what you can afford in monthly mortgage payments and for a down payment.

"Keep in mind there is more to buying a home than the down payment and mortgage. You'll need to budget another 1.5% to 4% of the price of your home for extras such as:

  • Mortgage Application Fee -Some financial institutions will charge a mortgage application fee for processing your application.

  • Appraisal Fee - The financial institution may hire an appraiser to ensure that the property you are buying meets it's criteria for a mortgage. (approx. $250.00)

  • Lawyer's Fee - Includes registering mortgage and transferring property title, rates vary but approx. $1000 plus disbursements.

  • Mortgage Insurance Premium - If you are getting a high ratio mortgage (less than 20% down) you will pay an 8% sales tax.

  • Home Inspection - Recommended for resale homes, a professional building inspector will check exterior, roofing, structure, insulation/ventilation, electrical, heating/cooling, plumbing and interior. (approx. $350.00)

  • Title Insurance (optional) - Protects against title defects and survey problems. (approx $200.00 - $300.00)

  • Survey Costs - If a survey is not being provided by seller (approx. $1500.00)

  • Land Transfer Tax - Approx. 1% of purchase price

  • Adjustment Costs - Payable through lawyer, standard adjustments such as property/school taxes, utility bills, condo common expenses, rental agreements.

  • Fire Insurance - A requirement to obtain a mortgage

  • Moving Costs - Professional moving company costs, new appliances and service hook-up fees.

As your real estate sales representatives, we can guide you smoothly through the process providing all the necessary information and contacts you will need. We have a network of top-notch financial lenders, lawyers, and home inspectors ready to assist you through the home buying process.

Contact Us if you are looking to Buy.


 


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