4 Hidden Costs of Buying A Home

This blog highlights the hidden costs associated with buying a home that a potential homeowner should consider. The first hidden cost is the cost of home inspections and appraisals, which are important for evaluating the property's structural integrity and identifying any hidden issues. The second hidden cost is taxes and legal fees, which can vary by province and city. Homeowners are required to pay land transfer tax and require a lawyer and notary services to ensure everything is legal. The third hidden cost is insurance policies, such as home insurance, title insurance, high-ratio mortgage insurance, and mortgage life insurance. The final hidden cost is miscellaneous fees, such as reimbursing the seller for prepaid property taxes or utility bills, condo fees, moving costs, redecorating and furnishing costs, utilities, parking permits, and garbage collection. Homebuyers should be aware of these costs to budget for them accordingly and ensure a seamless and stress-free process.