Buying or building a new home is an exciting and often thrilling process. However, to prevent your dream from becoming a nightmare, it is important to plan for all related expenses so that you don’t end up over budget.

Professional fees and notary fees

Purchasing property requires the preparation, signing and registration of legal documents by a notary. The cost may vary depending on the professional. It is up to the buyer to seek out several estimates in order to find a suitable notary and avoid any nasty surprises when they get the bill.

Sales, municipal, school and land transfer taxes

When purchasing a new property, buyers are required to pay sales taxes. The land transfer tax (often referred to as the welcome tax), school taxes and municipal taxes must also be paid without delay.

Home and loan insurance

As is the case with any residence, it is important to have home insurance. If the down payment on your home is less than 25% of the purchase price, you should also take out mortgage insurance. The amount of insurance varies according to the value of the down payment (percentage).

In some cases, your financial institution may also ask you to arrange for an evaluation of the actual value of the property. If this is the case, you will have to pay for a report from an expert.

Surveying costs for a certificate of location

When buying a new home, the owner is responsible for retaining the services of a land surveyor to obtain a certificate of location specifying the land area and cadastral designation.

Moving expenses

As with any change in residence, certain expenses are to be expected. Truck rentals and mover services should be included in your budget, along with the setup of various services (phone, TV, gas, etc.) and even mail forwarding costs, should you wish to access this service.