Posted 11.9.12 @ 10:0
There are many closing costs associated with buying any home in Canada, much less luxury Oakville homes for sale, which you need to be made aware of BEFORE you buy or sell a home. There are one time closing costs like your legal fees and then there are the recurring closing costs that you’ll have to work with like homeowner insurance. There are all kinds of closing costs that you’ll incur and here we’re going to talk about them all, so let’s get started!
Are Closing Costs Necessary?
Almost all of your closing costs aren’t going to be able to be discharged! You’re going to have to pay them; it’s all part of the cost of doing business – that’s why luxury Oakville homes for sale are great but you need to know what you’re buying. Closing costs are just part of buying a home; don’t think that you’re going to be able to get out of them. There will be legal fees, broker and agent fees, home owner’s insurance and personal mortgage insurance (with low down payments) and everything else that closes a home.
What Recurring Costs Are There?
If you have a low down payment (under 20%), you’re going to have to pay something called “private mortgage insurance” or PMI. This usually doesn’t apply to luxury Oakville homes for sale since the purchases are different, but if not you’ll need it. You’re also going to have to pay for home owner’s insurance, no matter what you do. There are all kinds of types of home owner’s insurance, so you’ll want to make sure you look it over, maybe work with an insurance broker to find the right option for you.
What Non-Recurring Costs Are There?
These are the bulk of your closing costs for your Oakville luxury homes for sale – they’ll be the bank fees, the title search, taxes, all kinds of stuff will be added into these onetime fees that you have to pay as part of the cost of doing business. Working with us as your Oakville luxury realtors will help you make sure that you’re only paying the fees that you HAVE to! You’ll also want to work with a real estate lawyer that will help you know that you’re protected and paying everything you have to buy a home. There are no land transfer taxes in Oakville like Toronto.
Seller Closing Cost Offers
Often, when you’re buying luxury Oakville homes for sale, the seller will offer to help pay losing costs to speed things up! It never hurts to look at luxury Oakville real estate that has this offered as part of the deal, because then you can save thousands and get a great house! This is usually put up when people have a hard time selling – nothing may be wrong with the house necessarily but they may have listed it during a less active time of year.
Contact us today to find out how we can help you!