Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected— expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

 

These expenses vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move. Use the following list to determine which costs will apply to your situation prior to structuring your budget:

 

 

1. Purchase offer deposit.

2. Inspection by a certified building inspector.

3. Appraisal fee: Your lending institution may request an appraisal of the property. The cost of this appraisal is your responsibility.

4. Survey fee: If the home you’re purchasing is a resale (as opposed to a newly built home), your lending institution may request an updated property survey. The cost for this survey will be your responsibility and will range from $700 to $1000. 5. Mortgage application at your lending institution.

6. 5% GST: this fee applies to newly built homes only, or existing homes that have recently undergone extensive renovations.

7. Legal fees: A lawyer should be involved in every real estate transaction to review all paperwork. Experience and rates offered by lawyers range quite a bit, so shop around before you hire.

8. Homeowner’s insurance: Your home will serve as security against your loan for your financial institution. You will be required to buy insurance in an amount equal to or greater than the mortgage loan.

9. Land transfer (purchase) tax: This tax applies in any situation in which a property changes owners and can vary greatly.

10. Moving expenses.

11. Service charges: Any utilities you arrange for at your new home, such as cable or telephone, may come with an installation fee.

12. Interest adjustments.

13. Renovation of a new home: In order to “make it their own,” many new homeowners like to paint or invest in other renovations prior to or upon moving into their new home. If this is your plan, budget accordingly.

14. Maintenance fees: If you are moving to a new condominium, you will likely be charged a monthly condo fee which covers the costs of common area maintenance.

 

To learn more about expenses give a call at 778-788-2590 or contact me!

 
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Benefits of Using a Realtor to Sell your Home Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:

 

Professional Experience:

With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.

 

Best Price:

Realtors have their fingers on the pulse of the current real estate market and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.

 

“Showcasing” Experience:

Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.

 

Access to Qualified Buyers:

Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighborhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.

 

Negotiation Skills:

Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf. Your Realtor realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal. Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counteroffers, and to offer counsel and perspective as you work toward your selling goals.

 

To discuss your next home sale in Abbotsford, give me a call at 778-788-2590 or contact me!

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