Greg & Colin Thornton RE/MAX Sabre

Colin Direct: 604-561-3306 | EMAIL info@thethorntongroup.ca |

Categories

Costs to Consider when calculating your real estate net

A good article on the costs involved in a real estate transaction that many people tend to overlook found in the Globe and Mail on March 14th 2012.

 

Original Article found here http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/costs-to-consider-when-calculating-your-real-estate-net/article2367996/

 

The following is a list of costs to consider when analyzing your real estate budget:

1. Selling costs (realtor fees or marketing fees or combo of both if listing on MLS for self. (Yes, you do still have to pay a realtor their commissions if they bring you a buyer, even if you use the $100 listing services, etc.)

2. Land transfer tax on new purchase

3. Mortgage penalties for early cancellation (if any)

4. Insurance (paid up front on new purchase before title transfer)

5. Transfer of utilities

6. Moving costs

7. Renovation of new house before move-in (light or heavy)

8. Carrying of two mortgages during transition

9. Appraisal of new property for financing

10. Real Property Report (or survey) to confirm property conforms to city regulations or title insurance

11. New window coverings (often current won't work at new house and this is forgotten).

12. Legal costs for sale and purchase

 

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.