Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however, it's better to know about them ahead of time so you can budget properly.
Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need is unbudgeted financial obligations cropping up hours before you take possession of your new home.
Read through the following checklist to make sure you're budgeting properly for your next move.
The cost for a professional mover can cost you in the range of:
- $50-$100/hour for a van and 3 movers, and
- 10-20% higher during peak demand seasons.
Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.
Water Quality and Quality Certification
If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Where you live determines whether or not a fee is charged to certify the quantity and quality of the water.
If the town you live in has made local improvements (such as the addition of sewers or sidewalks), it could impact a property's taxes†by thousands of dollars.
Land Transfer Tax
This tax is applied whenever property changes hands and the amount that is applied can vary.
These are just a few helpful tips for you.
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