If you're shopping for a new home, you're probably aware that there will be
some costs over and above the purchase price. It makes sense to budget
for these costs so you're not surprised and unprepared when you get the bill.
Most of these costs fall into a category that the real estate industry calls
"closing costs." The most common types include land transfer tax, lawyer’s
fees and disbursements, sales taxes, and for newly built homes, utility hook ups.
You should also consider other expenses you will incur, such as home
insurance and moving expenses. Of course, if your new home is a condominium, you’ll also have to account for the monthly condo fees.
Closing costs can vary depending on the type and location of your new
home. A good REALTOR® can help you determine the costs you will incur.