Mortgage Broker

604 353 5809

1665 kingsway Vancouver BC, V5N 2S2
600-1200 W 73rd Avenue, Vancouver BC, V6P 6G5

©2019 by Brandon Nishi Mortgages

Closing Cost

Don't forget your closing costs! Do you have enough saved?

Closing Costs

Generally speaking, new home buyers underestimate the costs of purchasing their first home. Legal fees, moving costs, etc. can add up quickly. A good rule of thumb is setting aside 3-5% of the purchase price of the home for closing costs. For example, on a $400,000 condo, a new home owner would want to set aside $12,000 - $20,000 for closing expenses. Here's a general estimate on upcoming expenses you may come across during your home buying process:

Bathroom

You may want to invest in a home inspection before making an offer. A home inspector will have a checklist to make sure the house is in working order. Therefore, giving you peace of mind that that your new dream home is ready to be moved into.

$500-$900+

Home Inspection

Luxury Villa

BC's Assessment Act  requires that every property receives a proper assessment to show market value. Prices can vary greatly depending on whether it is a private/public company doing the assessment, size of the building, how the property's being assessed, etc.

$350-$500+

Propety Appraisal

Boys with toys

With a large purchase such as a house, there's a million problems that can occur. This is when you can pick the proper insurance that fits your lifestyle. Do you need mortgage insurance, life insurance etc? Although home insurance is mandatory, there are also a bunch of different types of insurance you may want to look at for your peace of mind.

Title Insurance,  Home Insurance, Mortgage Insurance

Insurances

Fresh Living Room

Land Transfer Tax: 1% on first $200,000
                                     2% on the next $200,000 - $2,000,000
                                     3% on $2,000,000+

Property Tax: varies on building

Land Transfer Tax, GST/HST, Property Tax

Applicable Fees and Taxes

In Negotiation

Legal costs are necessary when purchasing a new home because your notary/lawyer will help file all the proper documentation, handle the transfer of cash, and go through all the conditions when purchasing your new home.

$1,000 - $1,5000

Legal Costs

Moving In

Congratulations! You're a new home owner and ready to move into your new home. Don't forget about upcoming costs for movers, packing, and strata fees!

$600 - $1,000+

Moving Costs

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