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8 ·The IFP· Halton Hills ·Thursday, May 17, 2012 hottesthomes .ca What Does It Really Cost To Buy A House? It is important to know exactly what costs on top of the purchase price you'll be responsible for when purchasing a new home. Closing costs often come as a surprise to new home owners and can be quite considerable (between 1.5% and 2.0% of the purchase price), so it is important to budget for them in addition to your down payment, moving, and decorating costs. What are closing costs? Here is a brief list. Property Survey or Title Insurance: Title Insurance protects Buyers from losses due to title defect that would otherwise be disclosed on a new survey. While a survey can cost over $1,000 depending on the size of the property, title insurance is typically between $150 and $300. Mortgage Appraisal: Lenders require an appraisal of a property to determine market value prior to processing your mortgage. While often waived by the lender, appraisals can range thom@hottesthomes.ca OFFICE 905.877.5165 DIRECT 416.524.6530 from $150 to $450. Some lenders also charge a mortgage Ceramic Tile Installation application fee. Home Inspection: An inspection by a certified Back Splashes · Heated Flooring professional is for the benefit of the buyer and helps to Bathroom Renovations alleviate concerns with respect to the condition of a property. A home inspection costs between $300 and 416-989-7809 $450. 905-877-1936 Land Transfer Tax: Payable to the province, this tax Free Estimates is calculated in tiers as a percentage of the selling price loducatile@gmail.com of a home (visit www.landtransfertaxcalculator.ca). First time home buyers can qualify for a refund of up to $2000. Fire Insurance: Mortgage lenders require a Homeowners insurance can be your certificate of fire insurance when you take possession of MOST VALUABLE your home. Like all insurance, the price varies POSSESSION. depending on a number of variables but ranges from $250 to $600 for most properties. Adjustments (between Seller and Purchaser): Buyers are required to repay the Seller for prepayments they have made in relation to the property such as property taxes, utilities, condo fees, or topping off the oil Mike Francis, Agent tank. 123 Main Street South · Georgetown, ON L7G 3E5 Bus: 905-877-9652 · mike.francis.qg7g@statefarm.com · mike@mikefrancis.ca Legal Fees and Disbursements: Your lawyer will LIKE A GOOD NEIGHBOUR, charge fees for professional services including title STATE FARM IS THERE. search, drafting the title deed and preparing the Providing Insurance and Financial Services mortgage. These fees vary, but expect to pay between P048100CN State Farm Fire and Casualty Company Canadian Head Office, Aurora, Ontario 02/05 $600 and $800, plus out of pocket expenses. Harmonized Sales Tax (HST): HST is payable on the sale price of a newly constructed home and all professional services associated in the purchase of a home, including legal fees. Resale homes are not subject to HST. Not all of these costs may pertain, and depending on your circumstance, others may apply. It is best to speak to your lawyer for more information. Thom Gallagher is a Sales SALES REPRESENTATIVE Proudly Serving Representative with Johnson Associates Halton & Peel Real Estate Ltd., Brokerage. For More information on this article or to discuss listing or buying a home, call Thom at (416)524-6530 or visit www.benchmarkhomeinspections.ca 247 GUELPH ST., GEORGETOWN www.hottesthomes.ca. ® Dave LoDuca Brady Atkinson 905-875-9594 , Floor and Home The One Store For Your Perfect Floor 26 Guelph St., Downtown Georgetown www.carpetone.ca http://carpetonegeorgetown.goldbook.ca M08001936 Dominion Lending Centres Homestead Financial, #11711 An Independently Owned & Operated Corporation Catherine Evel, Lic. # Ph: 905-690-6834 Cell: 905-741-2110 Fax: 905-690-4493 email: catherine.evel@dominionlending.ca http://www.catherineevel.ca 905-877-9896 THREE EASY WAYS TO SHOP. 905.703.7609 CALL TODAY FOR : · FURNACE SALES · INSTALLATION · HUMIDIFIERS Canada's Leading Home Inspection Company · FURNACE MAINTENANCE · GAS LINES · SERVICE FOR ALL YOUR RESIDENTIAL HVAC NEEDS. WWW.GEORGETOWNHEATING.CA Call today to speak with an Accredited Mortgage Professional