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Start-up costs: have you thought about it?

Did you know that when buying a property, you need to have an amount of cash in hand to cover the start-up costs? In fact, the down payment and mortgage payment are not the only costs to consider when buying.

Start-up costs should not be taken lightly; it is therefore necessary to be able to count on sufficient funds. Many mortgage lenders will even make sure you have these funds in your possession before granting you a loan. The mortgage is calculated based on the value of the home and cannot be used to cover start-up costs.

Here are some common start-up costs:

1. Property inspection and appraisal
2. Study of the file by the mortgage insurer, if applicable, as well as the taxes on the premium
3. Notary's fees
4. Account adjustment fees indicated by the notary (electricity, heating, municipal and school taxes, equipment rental contract, etc.)
5. Transfer tax (welcome tax)
6. Moving expenses
7. Connection costs (telephone, electricity, etc.)
8. Arrangement (painting, curtains, etc.)

Source : Centris