Start-up costs: have you thought about them?
Did you know that when purchasing a property, you need to have a certain amount of cash on hand to cover start-up costs? Indeed, the down payment and mortgage payment are not the only expenses to consider when buying a home.
Start-up costs should not be taken lightly; it is essential to have sufficient funds available. Many mortgage lenders will even ensure that you have these funds before granting you a loan. The mortgage loan is based on the value of the house and cannot be used to cover start-up costs.
Here are some common start-up costs:
- Property inspection and appraisal
- Mortgage insurer's file review, if applicable, as well as taxes on the premium
- Notary fees
- Adjustment fees indicated by the notary (electricity, heating, municipal and school taxes, equipment rental contracts, etc.)
- Land transfer tax (welcome tax)
- Moving expenses
- Connection fees (phone, electricity, etc.)
- Setup (painting, curtains, etc.)
Source : http://www.centris.ca/fr/pour-acheteurs?article=frais-de-demarrage-y-avez-vous-pense ↗