<p> Additional Costs of Buying a Home So you've done some research, you've applied for a mortgage, gotten a great rate and you're pretty sure you know the price of the type of home you're looking to buy. But do you know the total cost involved in buying that home? A lot of people are caught off guard when they find out how many additional fees are associated with buying a home. Let us take away some of that surprise and show you what costs you can expect on your big closing day. </p><p> Harmonized Sales Tax (HST) If you're from Ontario or British Columbia you're likely aware that HST has been applied to many products and services and the real estate industry is no exception. All lawyer services, realtor commissions, home inspections, moving costs and purchases of new homes are subject to HST in Ontario and B.C. If you're buying a resale home, however, HST does not apply. </p><p> Land Transfer Fee Anyone who is transferring the deed on property is subject to this 0.2%-5% tax. </p><p> Land Survey This survey establishes the boundaries of your new property and may have been done in the past. Although some owners choose to accept an older version of the survey many choose to have an updated version when buying their property. </p><p> Home Inspection The price of a home inspection is a few hundred dollars but that's peanuts for the peace of mind you'll get knowing that you're investing in a safe property. Some lenders may even require a home inspection before they agree to lend you the money. </p><p> Appraisal Lenders have staff appraisers that will determine the market value of the home you wish to buy to insure the lender is not lending you more money than the home is worth. The payment for having the property appraised will come from you. </p><p> Legal Fees You will be responsible for the cost of the lawyer that registers your mortgage, does a title search and draws up the deed to your new home. </p><p> Insurance If you're paying less than 20% of the purchase price of your home in down payment then your lender may require you to purchase mortgage default protection as well as fire and extended coverage to protect their investment in you. You may also consider purchasing mortgage life insurance to protect yourself and your family should you not be able to make payments on your mortgage. </p><p> Applying <a href="https://www.home247.co/%E0%B8%82%E0%B8%B2%E0%B8%A2%E0%B8%97%E0%B8%B2%E0%B8%A7%E0%B8%99%E0%B9%8C%E0%B9%80%E0%B8%AE%E0%B9%89%E0%B8%B2%E0%B8%AA%E0%B9%8C%E0%B8%A1%E0%B8%B7%E0%B8%AD%E0%B8%AA%E0%B8%AD%E0%B8%87-%E0%B8%A5%E0%B8%B2%E0%B8%94%E0%B8%9E%E0%B8%A3%E0%B9%89%E0%B8%B2%E0%B8%A7/" alt="ทาวน์โฮมมือสอง ลาดพร้าว">ทาวน์โฮมมือสอง ลาดพร้าว</a> for your mortgage and saving for down payment are crucial but make sure to save for these extra costs as well. </p>
