Costs Involved in Buying a Home in Calgary
There are many benefits to buying a home and there also are duties homeowners have to be responsible for. I help Calgary home buyers by providing them with the information they need to make the most informed decisions through my experience and expertise, so they are geared towards making the best choice and getting the best value.
The costs below are the same for all buyers; whether it is your first home or your fifth, I have taken great care to make this list as detailed as possible but there could still be additional expenses that may apply to your specific circumstances. This list is designed to show you what the most common expenses are I see in 99% of the homes my clients purchase. A few of the items will be one time expenses while others will be ongoing like your utilities or insurance.
The biggest cost to owning a home and part of your mortgage pre-approval application is the amount of down payment you have. It is important to have a mortgage pre-approval when buying any home so you feel comfortable with your payments and understand the exact monthly cost while knowing what you are comfortable spending and borrowing.
I have prepared the following list in chronological order. If you have any questions about the expenses in buying a home or the process please send me a message below! I would be happy to put my expertise and experience to work for you. You can watch some of my past clients video testimonials.
One Time Costs Involved with Buying a Home
- The Deposit – Payable when you have an accepted offer, this forms a part of your down payment.
- Home inspection cost as applicable
- Condominium document review cost as applicable
- Appraisal fee – depending on the type of mortgage and lender you are using
- Note, GST is only applicable on new homes or condos (Consult with me for your situation)
- Moving Expenses: Friends and pizza or professional movers. (Ask friends for personal recommendations)
- Legal fees & any disbursements:
The disbursements can include: Land title fee, pro-rated expenses paid in advance by the seller including the HOA fee, Condo fees, property taxes etc, as well as the estoppel certificate for condominiums. Alberta does not have a land transfer tax which is found in some other provinces and most of the time the largest disbursements will be for property taxes or any other costs paid in advance by the seller. Always request a full quote from your real estate lawyer so you have no surprises when you go in for your appointment to sign the closing documents.
Ongoing Costs of Owning a Home:
- Utility Payments
- Condominium Fees
- Painting or cleaning, as required
- Mortgage Payment
- Cable and Telephone Services
- Repair/Maintenance Expenses
- Homeowner’s Insurance
Get Started on the Right Path
If you are thinking about buying a home in Calgary, allow me to be your guide. I promise to put your best interests first and help you make an informed decision. I will help you follow these 7 best practices to buying your first home while providing my service focused expertise every step of the way.
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