Closing Costs
Buying a new home for a first time buyer is an exciting experience. One that often comes with a few surprises for those buyers that have not considered all that is involved with the process. While the purchase price of the home is the largest cost there are other costs to plan for when buying that home.
One must plan for those costs (closing costs) that are over and above the price you pay for the home. In addition to closing costs one should also plan for the payment of the deposit which is part of the cost of the home but is payable immediately upon acceptance of the offer and is commonly up to 5% of the purchase price.
| Some closing costs you should consider are as follows: | ||
| Legal Fees | $700.00 - $1,200.00 | on a typical home |
| Legal Disbursements | $300.00 - $500.00 | |
| Land Transer Tax | $3,500.00 - $5,000.00 | |
| House Inspection | $275.00 - $325.00 | Optional |
| Adjustments, Fuel, Taxes | $75.00 – $1,000.00 | |
| Land Survey Fees | $600.00 – $900.00 | If required |
| Title Insurance | $225.00 - $400.00 | Optional |
| Additional Costs: | ||
| Moving Costs | $500.00 – $1,500.00 | |
| Property Insurance | $300.00 - $500.00 | |
| Utilities (deposits) | $100.00 - $250.00 | |
