ADDITIONAL COSTS OF BUYING
A home inspection is strongly recommended for most residential properties and will usually be a condition of the offer. We can assist you in choosing your home inspector. This ranges from $350 – $500 depending on the size and value of the property.
You may wish to hire a termite inspector as well as a home inspector if you are buying in an area of the city where termites are known to be a problem. This could add $200 – $300 to the cost of your inspection.
When you apply for a mortgage, the lender will want to see an appraisal on the property to ensure that the price you are paying falls within the accepted rage of value for that type of property and that area of the city. The fee for this is usually between $250 – $350.
When you make an offer on a freehold property you can ask the Seller to provide a copy of the survey if they have one. The purpose of this survey is to show the boundaries as well as the footprint of the building on the site. If there is not a survey available, you may wish to hire a surveyor to prepare one at a cost of approximately $1,000 to $2,000.
Title insurance provides insurance against the future costs of remedying most problems with the title on your property.
LAND TRANSFER TAX
Payable by the Buyer on closing, the tax is based on the purchase price. Check out our Land Transfer Tax Calculator – Click Here