TEAM KING | RE/MAX CROWN REALTY
YOUR HOME BUYING COST CHECKLIST
Planning to buy a home in Greater Sudbury, Ontario?
Use this practical guide to prepare for the costs that come with buying a home, moving in, and settling into homeownership.
Buying a home involves more than saving for a down payment. Use this checklist to organize your budget, identify potential expenses, and start conversations with the professionals who can help you plan ahead.
1. Before You Buy
☐ Down payment: Determine how much you plan to put toward your home purchase.
☐ Mortgage pre-approval: Discuss your budget, interest rate options, and estimated payments with your lender.
☐ Mortgage default insurance: Ask whether it applies to your down payment and mortgage.
☐ Deposit: Set aside funds that may be required when your offer is accepted.
☐ Home inspection: Budget for an inspection if you choose to have one.
2. Closing Costs
☐ Legal fees and disbursements: Ask your real estate lawyer for an estimate.
☐ Ontario land transfer tax: Calculate the applicable tax and check whether you qualify for a first-time homebuyer rebate.
☐ Title insurance: Confirm the cost and coverage with your lawyer.
☐ Property tax and utility adjustments: Budget for amounts that may be adjusted between you and the seller at closing.
☐ Appraisal or lender fees: Confirm whether your lender requires any additional services or fees.
3. Moving In
☐ Home insurance: Arrange coverage for your closing date.
☐ Moving expenses: Include movers, truck rental, packing supplies, and transportation.
☐ Utilities and internet: Arrange service transfers or new accounts and check for deposits.
☐ Immediate essentials: Allow for locks, cleaning supplies, basic tools, and window coverings.
4. After You Get the Keys
☐ Repairs and maintenance: Keep funds available for routine upkeep and unexpected repairs.
☐ Property taxes: Confirm the annual amount and payment schedule.
☐ Monthly utilities: Estimate electricity, heating, water, internet, and other household costs.
☐ Condominium fees: If applicable, review monthly fees and what they include.
☐ Emergency fund: Set aside a reserve for unexpected expenses.
YOUR HOME BUYING BUDGET
Down payment: $________________________
Deposit: $_____________________________
Closing costs: $________________________
Moving and setup: $____________________
Repairs and emergency savings: $_________
Estimated total funds needed: $____________
A Few Things to Remember
Your actual costs will depend on the property, mortgage, closing date, and personal circumstances. Confirm estimates with your lender, lawyer, insurer, and other appropriate professionals. This checklist is a general planning resource and is not a quote or legal, mortgage, or tax advice.
YOU Deserve a Castle! 🏰
Planning your next move in Greater Sudbury?
Team KING | RE/MAX Crown Realty
Helping you prepare for the next chapter.