Hidden Costs
There are hidden fees and traps out there when buying a home. As a real estate professional it is my job to lead the way and light the path.
When buying a property, some of the fees that come into play are: Legal fees, property transfer taxes, GST, mortgage closing costs and the costs of moving are the main items to watch out for
Legal Fees: Generally range between $800 to $1200 depending on whether you use a notary or a lawyer, and how complicated the transaction is.
Property Transfer Tax: This is the governments way of thanking you for buying property in British Columbia. A total of 1% on the first $200,000 of the purchase price, 2% on the remainder is charged to every property purchase, however,. as a first time homebuyer, you are exempt from this fee
GST: The federal government needs their piece of the pie as well. As a buyer, you only pay GST on new properties. Some new homes and developments are advertised as GST included, and some are not.
Mortgage Closing Costs: These fees include the costs of the mortgage companies lawyer, surveys, etc. These are determined by your lender, and as a realtor I have no control over these
Moving Expenses: Hiring movers, renting trucks, taking time off work,
These are the main fees that home buyers tend to overlook. As your real estate professional, I do all that I can to show you these fees up front.