The true cost of moving

Buying a home is the biggest cash outlay. But it's only the beginning.

Gail Bebee 17 July, 2015 | 5:00PM
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Is your growing family testing the space limits of your current abode? Have you landed a new job far from your current home? Are you fed up with renting and crave a home of your own? These are all good reasons to move. If buying a house or condominium figures into your moving plans, budgeting for all the costs involved is vital to your mental health and financial well-being. The purchase price is just the beginning.

One of the first expenses after a purchase offer is accepted is a home inspection to assess the condition of the structure. Fees start at about $300 to $350 for a condo and could range up to $700 or more for a house, depending on its size and complexity.

For most Canadians, buying a home means borrowing money in the form of a mortgage, a loan secured by the real estate being purchased. Before approving a mortgage, virtually all lenders require a property appraisal, a professional estimate of the value of the home being mortgaged. The cost is typically $300 to $500. For larger mortgages, the lender or mortgage broker should cover this cost, says broker David Larock of Integrated Mortgage Planners Inc.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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