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Final Cost of Buying a Home!

The purchase of your new home involves other costs that a REALTOR® can make sure you are aware of.

 

Application/ Mortgage Broker Fee - A fee is sometimes charged if income and credit issues come up.

 

Land Survey Fee - A plot plan is important to see if there are any encroachments such as a neighbours shed on your land.

 

Insurance - If you are applying for a high ratio mortgage, a loan of more than 80% of the purchase price, lenders protection in the form of a mortgage insurance fee.  Make sure there is fire and extended coverage to protect the home.

 

Legal Fees - for setting up mortgage, conducting a title search, drawing up title.

 

Property Tranfer Tax - This is calculated on the fair market value - 1% on $200,000 and 2% on the remainder.  First time home buyers exempt with certain conditions, including value of home less than $425,000

 

HST - You pay the tax on new homes.  You are eligible for a rebate of the provincial protion(71.43% of HST).  up to $26,250 on $525,000 and  a flat rebate of $26,250 on anything over $525,000

 

 

 

Arran McLellan

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NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.