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Tuesday, January 22, 2013 - Post Purchase Costs - Important!!

#yyc #yycre #calgaryfirsttimehomebuyers #buyingahomeincalgary #movingtocalgary

Once you purchase a home, you can’t run down the street saying you bought a home. Its not that simple. There are various post-purchase costs that home buyers need to take into account.

Here’s a short overview of some of the major costs:
1.Closing Costs: One set of costs that individuals often forget to take into account are closing costs. Closing costs are up-front costs that you must pay when you purchase your home, typically before you move in. These could include appraisal fees, legal fees, title insurance, water tests, septic tank tests, etc.  It is important that first time home buyers consider these costs, among others, when purchasing their home.

2.Moving Costs: Self-explanatory cost but one that is understated often. Moving can be an expensive process, one that requires prior thinking. Can you reduce your move load? Can you move some items yourself? How many trucks & personell will be required to help you move? All these can help determine your overall moving costs.

3.Storage Costs: Sometimes, simply moving in is not a possibility. For example, furniture that you currently have may not fit in your new place, especially if its smaller than before. Finding a place to store some of your items could become an added expense.

4.Real-Estate Costs: This is applicable to individuals who are moving out of their own property and wish to sell it. In most cases, individuals have this process on-going or completed by the time they are shopping for their new home but sometimes its done afterwards. Real estate expenses to sell the old property can add up and must be added to the budget which is already strained with the purchase of a new property.

5.Other costs: Re-directing mail, utility hook-up, cable & telephone transfer expenses, cleaning, painting, immediate renovations, basic furniture and items purchase are all other costs that should be budgeted along with the purchase of a new home.

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posted in General at Tue, 22 Jan 2013 08:25:47 -0700

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