INSPECTION

When you make an offer on a property, it is strongly recommended that a home inspection report is ordered and included as a condition of the offer. This ranges from $350-500 depending on the size and age of the property. 

APPRAISAL FEES

When you apply for a mortgage, the lender will usually order for an appraisal of the property of interest to ensure the price being paid for the property falls within a normal range of value for that type of property in that area of the city. The fee for this is usually $250-400. 

LAWYER FEES

Buying a property is generally a person's biggest purchases. It is therefore extremely important that a lawyer is hired to facilitate the process, from the start with offer all the way to the end on closing day.  Lawyer fees for real estate transactions are generally $2000-3000. 

CONDOMINIUM MAINTENANCE FEES

Buying a condo comes with its ups and downs. It has its obvious perks, such as reduced maintenance costs to upkeep the property as well as access to amenities such as gyms and pools right at your doorstep. Unfortunetly, it does add 1 added cost not present in freehold homes, and that is maintenance fees. This is a fee, generally between $250-1000, that is paid monthly to the condo corportation and generally depends on the size of your unit. This fee becomes an additional monthly payment, in addition to your mortgage, so it's important to incorportate this in any financial calculations when trying to decide which property to purchase. 

REALTY TAXES

Property owners have the option of paying their property taxes in 6 installments over the course of the year. Realty taxes range from $1000 to $10,000 annually depending on the size and location of the property. These taxes may change during time as the city will ressass properties on a consistent basis. 

HEATING

Home heating is usually achieved through either natural gas, oil or electricity. These costs will usually come in the form of a monthly bill from the designated heat company of the area. The amount of cost will usually depend on the type of heating, the size of the home, as well as usage. 

ELECTRICITY 

Just like heating, electricity costs usually come in the form of monthly bills and depend on the size of the home as well as usage. Some homeowners employ energy efficient cost measures, such as Energy Saver appliances, to save on their electricity costs. 

INSURANCE 

Insurance is mandatory for all homeowners and is required by your mortgage lender before it releases funds to close the deal when you buy a home. Premiums depend on various factors, such as the age of the home. The cost can be anywhere between $300-700 per year.