It's your first house and you are wondering how to get the best buy for your money. Homebuying is the biggest decision you will ever make. So be prepared.
Are you financially ready? A down payment, mortgage payments and annual taxes are part of the preparations one must consider.
What should you buy and what communities are you interested in residing in? What features are really important to you? Are you willing to accept tradeoffs?
Costs and Associated Costs
Mortgage Loan Insurance Application Fee and Premium
Appraisal Fee The lender or lending instituation may require the property be appraised at your expense.
Deposit Part of your downpayment and must be paid when an offer is made.
Down Payment 0% is possible but your credit must be impeccable. Most first time home buyers put down 5% or 10% down
Home Inspections - Can vary in price and complexity. Be prepared to shop around for a reputable company.
Legal fees for the purchase of the home or condo are due at the closing of the sale.
Other Costs
New or newer appliances may be needed as an additional requirements.
Renovations and Repairs
Condominium Fees
Utiltiy Hook Ups for Heat Electricity and Water/Sewer
Information provided by "Homebuying Step by Step" CMHC A Consumer Guide and Workbook