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Costs of Buying Real Estate

July 26, 2010 by Joy Paterson, Toronto Realtor Leave a Comment

When buying Toronto Real Estate, it is important to take into consideration the additional costs of the transaction other than the purchase price itself. Put aside some additional cash for the following one time expenses:

1) Lawyer fees – closing fees and title insurance
2) Adjustments – depending on what is in the agreement of purchase and sale you may have to pay for property tax, hot water tank adjustments etc.
3) Land Transfer Tax Fees- Toronto Land transfer tax and Ontario Land transfer tax (for purchases only). Contact me to calculate the tax. First time buyers get a break on the tax.
4) Moving expenses – cost of hiring movers and a moving truck, (booking condo elevator).
5) TV, Phone, Internet etc set up.
6) Home insurance

Once the transaction has been completed, there are other expenses to consider as well. On top of your every day living expenses budget for the following:

1) Mortgage payments
2) Property Tax
3) Monthly Maintenance fees – monthly common expense plus reserve fund
4) Utilities – Don’t forget about the monthly water, heat, hydro and central air bills. Some condos cover all or a portion of these.

If you are interested in buying Toronto real estate and would like my help, contact me below.

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Filed Under: Info for Buyers & Sellers Tagged With: Buying a Toronto Condo, Buying a Toronto Home

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About Joy

Joy Paterson is a Real Estate Broker in Toronto who helps Sellers, Buyers, Investors and Tenants make great Real Estate decisions. Read More…

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Real Broker Ontario Ltd., Brokerage
Hadden Homes Team

130 King St W UNIT 1800B
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M5X 1E3
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joykpaterson@gmail.com

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