Buying a home is a big decision. It requires both mental and financial readiness. Whether you are a first time home buyer or making your second maybe third property purchase; it is a good idea to familirize or remind yourself the costs attached to a home buying process other than the obvious purchase price. Here is a list of costs beyond the mortgage;
Deposit: Minimum 5% of the purchase price.
PTT (Property Transfer Tax): 1% on the first $200,000 and 2% on the balance. You could qualify for exemption if you are first time home buyer and purchasing under $475,000.
Sales Tax: 5% GST; only applies to new built homes.
Home Inspection: This is optional but I would highly recommend hiring a licensed inspector to check for major or latent issues that you might miss. Depending on the inspector, fees could vary between $400-$700.
Land Survey Fees: The lender might require this.
Appraisal: The lender sends an appraiser to appraise the value of the property you are purchasing. Some lenders will waive the fee for this while others might charge around $300.
Moving expenses: Most Stratified properties charge move in/move out fees.
Home buying process should be fun and exciting. Don't let these costs scare you. Familirize yourself with them and be prepared.