The process of purchasing Fort St John real estate is an exciting time, full of firsts! If you go in alone, there will be many first that may seem overwhelming or catch you off guard, like the additional costs associated with purchasing a home.
As a reliable Fort St John real estate agent who has the experience of personally selling over 300 homes in the last few years, I know how best to navigate the process of buying and selling and ensure that my clients benefit from that knowledge.
This information is not meant to scare you away from purchasing a home, but to make sure that those of you who are looking to purchase a home in the future are well prepared for what is to come.
Being aware of the following potential costs allows you to better plan for the purchase of your dream home:
  • Appraisal
    • Around $250 – $350
  • Home Inspection Fee
    • Around $500 – $600
    • Additional costs of having the fireplace WETT inspected
  • Property Survey
    • Around $750 – $1,000
  • Land Transfer Tax
    • First-time home buyers may be eligible for an exemption
    • 1% on the first $200,000 and 2% on the balance
  • Legal Fees
    • Amount varies based on location but is typically about $1,300 – $1,800
    • Possibly included in the sale price of the home, should confirm
    • 5% GST in British Columbia
  • Title Insurance
    • Optional
    • Around $250
  • Default Loan Insurance Costs
    • For borrowers whose down payment is less than 20% of the entire purchase price of the home
    • Can vary based on a few different factors; consult with your mortgage professional
  • Payment Adjustments
    • Adjustments for interest payments, property tax, and utilities
    • Around $500 – $1,500
  • Home Insurance
    • Varies depending on the type of property and the value
  • Mortgage Life Insurance
    • Optional
    • Can vary based on a few different factors
  • General Expenses
    • Moving and storage costs
    • Upgrades or renovations
    • Home décor
The above list is not necessarily all-encompassing and may include some things you will decide don’t apply to you. It is based on a guideline of what can be expected by most individuals or couples who decide to purchase Fort St John real estate.
If you have any questions about any of the information listed above, please give me a call and I will be more than happy to help you better understand the process of buying your dream home!