MLS Listing Realtor

Buying or Selling Calgary Real Estate

Tanja van de Kamp & Ariette van Pelt
Real Estate Professionals Inc
(403) 978-5267 | (403) 630-5190
Contact Us
MENUMENU
  • Home
  • Buy a Home in Calgary
    • Search All Homes
      • MLS Search by Detail
      • MLS Search by Map
      • Request Custom MLS Search
    • Listings By Property Type
      • Near CTrain Stations
      • Near Parks
      • Near Malls
      • Near Post-Secondary Schools
      • House Styles
      • Lake Communities
      • Condos
      • Walkout Basement
      • Mountain Views
      • New Homes for Sale
      • Handyman Specials
      • Foreclosures
      • Vacant Lots
      • Innercity R-C2 Zoned Lots
      • Rural
    • Listings by Region
      • City Centre
      • North West
      • West
      • South
      • South East
      • East
      • North East
      • North
      • Communities Near Calgary
        • Airdrie Homes for Sale
        • Chestermere Homes for Sale
        • Cochrane Homes for Sale
        • Okotoks Homes for Sale
    • Featured Listings
    • MLS Listed Last 7 Days
    • First-Time Home Buyers
    • Buying Tips
    • Member Login
  • Sell your home in Calgary
    • Sold data by community
    • Free Home Evaluation
    • Sell your home in Calgary
    • Selling Tips
  • Resources
    • Member Login
    • Open Houses in Calgary
      • City Centre Open Houses
      • East Open Houses
      • North Open Houses
      • North East Open Houses
      • North West Open Houses
      • South Open Houses
      • South East Open Houses
      • West Open Houses
    • Calgary Communities
    • What Do Homes Sell For In Calgary
    • What Do Condos Sell For In Calgary
    • First Time Home Buyers
    • Calgary Real Estate Statistics
    • Live statistics Calgary Real Estate
    • Mortgage Calculator
    • Real Estate Articles
    • Green Real Estate
      • Our Green Philosophy
      • Your Green Philosophy
      • Buying Green
      • Selling Green
  • Tanja and Ariette
    • Tanja and Ariette
    • Contact Us
    • Testimonials
    • Refer Us, Get Rewarded
    • Stroopwafel Fundraiser
    • Join Real Estate Team Calgary
    • Our Privacy Policy
  • Blog
  • Login
Home » Expenses to expect when buying a home

Expenses to expect when buying a home

March 6, 2012 By Ariette

Expenses when buying a homeBudgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

These closing costs vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move.

What expenses to expect when buying a home:

  • A deposit when you put in an offer on a home:

Although not a cost, it is money out of your pocket until it becomes part of your down payment. Read more about the differences between a deposit and a down payment.

  • Inspection by a certified home inspector:

Prices for home inspections vary greatly in Calgary. But before you think of saving money on a home inspection, learn what a home inspector inspects. Buying a brand new home? A home inspection is strongly advised, even for brand new homes!

  • Appraisal fee:

Your lending institution may request an appraisal of the property. The cost of this appraisal is your responsibility. Learn more about the difference between a CMA and an appraisal.

  • Legal fees:

A lawyer is involved in every real estate transaction to review all paperwork, transfer title, transfer funds, etc. Rates offered by Calgary lawyers don’t range a lot. However, shop around and do your research to find a good lawyer. If you are in need of a reliable real estate lawyer, contact us.

The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day

Avoid costly mistakes when buying a home

  • Homeowner’s insurance:

Your home will serve as security against your loan for your financial institution. You will be required to buy insurance in an amount equal to, or greater than the mortgage loan.

  • Land transfer (purchase) tax:

This tax applies in any situation in which a property changes owners and can vary greatly. Your lawyer can explain more about this subject.

  • Renovation of your new home:

In order to “make it their own,” many new homeowners like to paint or invest in other (small) renovations prior to, or upon moving in to their new home. If this is your plan, budget accordingly.

  • Maintenance fees:

Any home needs maintenance. Learn more about the costs to keep your new home in great shape. If you are moving to a new condominium, you will be charged a monthly condo fee which covers the costs of common area maintenance.

  • Condo Document Review Specialist:

If you are buying a new condominium, it is strongly recommended to have a specialist review the condo documents. What are the laws and bylaws? Is the building financially healthy? Are there any special assessments in place?

  • Service charges:

Any utilities you arrange for at your new home. Cable, telephone, utilities, etc. may come with an installation fee or require a deposit.

  • Moving expenses:

Rent a truck, buy moving boxes and treat your helping hands to pizza!

 

Contact us for any questions in regard to expenses when you are buying a home!

 

Please note: this list may not be complete. The above is general information and not considered legal advice. We do our best to write informative articles about real estate in Calgary, Alberta. If you have any questions or concerns about our comments, please feel free to contact us or speak to your legal advisor.

Filed Under: Articles, Buying

Search Our Resources

Search Calgary MLS

Show more

Tools

  • Sold prices in Calgary
  • Open houses in Calgary
  • Search Calgary MLS
  • Search Calgary MLS by Map

Text us or call

(403) 978-5267 | (403) 630-5190

Real Estate Professionals

202, 5403 Crowchild Trail NW


Real Estate On-The-Go

Complete MLS listings on your phone

Send us a Message

   

    Your Name (required)

    Your Email (required)

    Your Telephone (required)

    Do you have a Realtor?
    YesNo

    Your Message

    Free Sold Report

    Request a sold report to get information on sold prices, number of days on the market, original listing prices and listing details for Calgary communities.

    Get a free report delivered to your inbox every month.

    Request a Sold Report

    Testimonials

    Vivianne & Shaun

    Posted: August 5, 2015

    As first time home buyers, my husband and I were very apprehensive about many of the realtors we met at open houses. Our initial opinion was that realtors are not trustworthy and only want to make commission. This opinion has been completely changed by Tanja and Ariette!

    Read More Testimonials

    Real Estate Resources

    • Real Estate Stats February 2021
    • Is selling your home with a team better
    • Real Estate Stats January 2021
    • Special Assessment Condo

     

    See More Resources

    Buy a Home in CalgarySell Your Home in CalgaryTanja and ArietteContact Us
      Real Estate Professionals

    Copyright © 2021 · Tanja van de Kamp & Ariette van Pelt · All Rights Reserved
    Real Estate Professionals Inc. · 202, 5403 Crowchild Trail NW
    Powered by the MLS · Privacy Policy