Having relocated 5 times during my husband’s career between Canada and the USA, I know first hand the potential stress inherent in this kind of family move. Because of my own personal experience, I pride myself on helping to make every aspect of your relocation as smooth as possible.
When you are relocating, you are not merely transitioning into a new neighborhood or home. Your “home” is family, friends and familiar surroundings, a place to relax and unwind. It is one of the few constants in our otherwise hectic lives. Once you choose to relocate, you’ve given that up. There are a lot of unknowns and a lot to think about:
That’s why I say, it’s about people, not just properties. I know what you’re thinking and feeling because I’ve been through it a number of times. I’m here to help you feel more comfortable, more relaxed and ultimately feel more like “home” until you re-establish your home. I’ll get to know you, your lifestyle and what is required to make your transition a smooth one.
I’ll help you find the neighborhood that meets you lifestyle needs and budget. A neighborhood after all, is a collection of homes and should have people that share common interests. I’ll sit down with you and find out what you’re looking for in an area; family-friendly or party central; gritty and arty or elegantly gentrified? Are you looking for a spot with lots of young families or an area that appeal to a boomer retiree? Whatever your needs, I will help you find a home you’ll love – in a place where you’ll feel right at home.
But is doesn’t stop there, I am an engaging and service oriented professional who is passionate about “getting things right.” You should expect thorough follow-up before and after your move-in date and continued support over the years – you aren’t just a client. We will become friends!
What does it Cost to Buy a Home?
Once your contract has been accepted, here are some costs that you will have to pay between now and closing. Some of these costs must be paid before closing, others are paid at closing, and some may be financed at closing. Overall, it is recommended that you set aside approximately 1.5% of the purchase price to cover closing costs, adjustments and fees. In addition to the actual purchase price, some of the other expenses that you will encounter are:
Mortgage Application and Appraisal Fee – This is paid at the time of application
Property Inspection - Before you buy a property, it is wise and recommended to have it inspected by a qualified professional property inspector. The inspector will provide you with a written report. Costs are approximately $250 - $500 paid at Inspection.
Legal Fees – lawyers fees vary, and are payable at the time of closing. You should plan on $750 - $1,000 at a minimum.
Property Survey – although can be provided by seller, a new survey starts at approximately $1000, and depends on size and configuration of the property. These fees are paid at time you obtain the survey.
Land Transfer Tax – This is a sales tax charged by the provincial government. The formula used to assess the tax is as follows:
0.55% of the first $55,000 of the purchase price
1.00% of the next $195,000 of the purchase price
1.50% of the next $150,000 of the purchase price
2.00% of the balance of the purchase price.
In addition to the Provincial tax, there is a new Land Transfer tax for homes in the City of Toronto. First time home buyers are exempt up to $400,000. Land Transfer taxes are paid at time of closing.
Mortgage Financing Fees – Many mortgage companies charge appraisal and processing fees.
These fees can be several hundred dollars. If you are borrowing more than 80% of the property value (high ratio financing), there will be a mortgage insurance premium added to the face amount of the mortgage, including 8% PST. These fees are usually paid at time of closing.
Insurance Policies – You may wish to consider a closing insurance policy (about $40.00) and/or
home warranty policy $230.00-$350.00. As well, you will need property insurance and occupiers liability insurance. Contact an insurer well in advance of closing in order to ascertain the costs, and to have the policies in place at closing.
Adjustments – Taxes, Fuel etc. will be apportioned to the seller and buyer at the time of closing. The buyer’s lawyer arranges for these adjustments with the seller’s lawyer as part of the closing process.