Buying a home is most likely the biggest financial purchase you will ever make. Do Your Homework: The mortgage industry in Canada has changed a lot in recent years. Interest rates and the types of mortgages available can change often, and without notice. It is important to know what products are available when you think about buying a home. More and more people are opting to hire the services or a Mortgage Broker. Be sure to visit www.PeakMortgagePros.com for complete details. Obtain Professional Advise: The Peak Agents Network recommends that you seek the assistance from one or more professionals (i.e.. Realtors, Lawyers, Accountants, Financial Institutions, Mortgage Brokers, etc.). To located a Realtor in your area of interest, be sure to use our Find an Agent feature. We can also help you obtain a report on the Current Market Value of your home, or a Home Search Report of homes available that match your criteria. Home Ownership Costs to Be Aware of: When you own a home, you will have various on-going costs to consider. Be sure to budget for the following: Energy (electricty, gas, etc.) Home maintenance and repairs Strata Fees (where applicable) House/Home Insurance Life Insurance (possible increase in coverage will increase premiums) Property Taxes Security System Monitoring Buying/Moving Costs to be Aware of: Legal fees Loan application fee(s) GST on new Homes Provincial Taxes Building inspection costs Connecting electricity, gas and telephone Moving (i.e. moving company, supplies, etc.) Cleaning (i.e. rug shampooing, etc.) Repairs and/or Remodeling Make a detailed list of all the up-front and on-going costs so you know what is involved and how much money you will need.
When you own a home, you will have various on-going costs to consider. Be sure to budget for the following:
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