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.