10 Often Forgotten Costs to Include in your Budget

Interest Adjustments

This covers any costs in the gap between closing dates and first mortgage payment. Avoid or minimize this by arranging the closing date and first payment to be exactly one month apart.
 
 

Mortgage Insurance

This is often required by lenders if your payment is 20 per cent or less.
 
 

Home Inspection

The average cost is roughly $100 per hour, but some inspectors may charge by size or flat fee packages.
 
 

Survey Certificate

If there is not one available and your bank requires one, expect to pay anywhere from $750 - $1500.
 
 

Legal Costs

These will vary greatly, depending on who you choose to use, but expect to pay anywhere from $1000 to $3000.
 
 

Property Appraisal

This may be required by your lender, however it is often included as part of the mortgage package (or broker service). If it is not, expect to pay $100-250 dollars.
 
 

Home Insurance

Cost will vary greatly, as will the services offered.
 
 

Vendor Reimbursements

This covers the costs of items paid for in advance by Seller, such as taxes or hydro.
 
 

Land Transfer Tax

Property purchase tax must be paid for any property to be transferred to a new owner.
 
 

Condo Costs

Parking or storage may incur a seperate monthly fee. There are often move in or elevator fees. Review the bylaws and minutes beforehand.
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