When looking to buy a new home, there are many costs to consider -- moving costs, legal fees, and even re-decorating expenses. There may also be additional costs associated with leaving your existing residence, such as lease penalties, or mortgage discharge fees.
One of the areas where homebuyers most frequently run into problems is with closing costs. Homebuyers often do not properly anticipate the costs associated with closing a real estate transaction, and the resulting cash crunch can add stress at a time when you need it least.
In addition to your down payment, there are many other expenses that must be paid on closing day before your home purchase can be completed. Closing costs are typically one-time-only charges that are required to complete -- or close -- the transaction. These costs may include inspection fees, appraisal fees, title search, lawyer's fees, and applicable taxes, such as GST. An important component of closing costs is your proportionate share of property taxes, utilities etc. that may have already been pre-paid by the vendor. You should expect to reimburse the vendor for those costs associated with the period following your closing date.
There may be other costs that will be necessary to complete your transaction, such as the cost of a property survey. Your Coldwell Banker sales professional can help you estimate closing costs before you commit to an offer to buy a home. In some circumstances, your real estate representative may even recommend spelling out the terms for some of the expenses to be incurred within your offer to purchase. Good preparation can help make your closing day trouble free.
Carrying costs, on the other hand, are those expenses that are routinely incurred for the ongoing operation and upkeep of your home. These costs include such items as your mortgage payment, property taxes, heating costs, home insurance, utilities, maintenance costs, etc. Your Coldwell Banker sales representative can help you estimate many of these costs from the information on the listing. Your mortgage payment is another cost that can be estimated prior to making an offer to purchase. Again, your Coldwell Banker professional can be a helpful source of creative financing information, and can even help you pre-qualify for the loan.
Coldwell Banker customers also qualify for a program that helps relieve the stress of buying a home with one-stop shopping for a full range of home-related services. The Coldwell Banker Concierge program puts you in touch with proven, trusted suppliers who can save you time or money and help you with your all home-related needs. It's just one more way that Coldwell Banker offers Ultimate Service to our customers.
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