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There are additional costs associated with buying a home that you should be aware of. The following is an outline of those additional costs.

 1. Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

2. Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment

3. Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

4. Deposit: A deposit normally goes with the formal offer to purchase.

5. Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

6. Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

7. Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

8. Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

9. Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

10. Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

11. Land Transfer Tax: First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

12. Goods and Services Tax: Resale (used) homes are exempt from GST but it does apply to newly constructed homes and may qualify for a partial rebate depending on the sales price and if the home is going to be your primary place of residence.

or new homes costing $350,000 or less, you will receive a GST rebate of 36% of the GST paid to a maximum of $8,750. The rebate for new homes costing between $350,000 and $450,000 declines to zero on a proportional basis. GST also applies to most of the services provided in completing the real estate transaction. 

13. Other costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs. 

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Homes for sale in Brampton

Search all homes for sale in Brampton, Ontario from this site.  This site also offers homes for sale in Mississauga, Oakville, Toronto and Burlington, Ontario.  It will also show real estate in the greater GTA (Toronto real estate).

Brampton is a fabulous city to live in.  Not only are the prices for homes for sale in Brampton very reasonable compared to Toronto real estate but there is also such a wide choice of different living styles to choose from.  Brampton real estate truly does offer something for everyone.

If you are thinking about shopping for real estate in Brampton, Marlene Wright and the team at Sutton Group Summit Realty will help you facilitate your move to your new home.  Of course, using the services of our professional real estate buyer's agent is completely free to you.  You will not need to pay a dime out of your pocket.

Brampton Real Estate Sales

With such a vital decision on your mind, the stress of searching for a house can be taken care of by Marlene and her team of professionals at Sutton Group Summit Realty Inc..  We live and breathe Brampton Real estate every day.  We can help you by providing assistance with making sure that you get the best possible place for the best possible price by putting our strong negotiating skills to work for you.

We can work to assure that you will definitely experience a smooth, efficient and stress free property purchase transaction.

When it comes to homes for sale in Brampton, Marlene has been 39+ years in real estate and will be here every step of the way to answer all your questions and to help you make the most informed decisions possible.

If you are selling a home or any type of Brampton Real estate, you have come to the right place.  Your home will be advertised world wide on thousands of real estate websites across Canada including MLS.CA, Sutton.com and many others.    We are professionals at selling homes in Brampton because that's what we do for a living on a full time basis.

Brampton Real Estate, and Real estate for sale in Brampton, Oakville Real estate, Toronto and the GTA

If you are curious about a sound real estate investment, look no further than Brampton and Oakville, Mississauga and the GTA.  Over my 39+ years in real estate Homes in this area have a proven track record and shown that Brampton real estate is a good investment.