Things to consider in addition to closing costs

Last year, we provided a pretty thorough breakdown of what closing costs consist of when buying a new home in the Greater Toronto Area. Many buyers are unaware of what fees are due upon closing, and guess what? There’s more.

When it’s time to close on your new home, there’s a handful of fees, taxes, and payments you need to make, including interim occupancy cheques, property taxes, development charges, utility connections, Tarion Warranty fees, status certificate, HST on chattels, legal fees, and the list goes on.

If this list hit you hard and you now feel unprepared, click the first link at the top of this post for a more detailed example of a first-time buyer’s closing costs on a new condo in Toronto. If you’ve already done your research and are ready for closing, then we want to highlight a few more things to consider in addition to closing costs.

You may have already factored in the items below, but it doesn’t hurt to review again to ensure you’re 100% ready to move into your new home.

Moving   

The price to move can vary depending on how much stuff you have, how you’re moving, and where you’re moving. If you don’t own a lot and you’re renting a truck to do it yourself, then great. All you have to do is find some people to help, buy them lunch and/or dinner, and make sure you have all the packing supplies like boxes, tape, and labels.

If you’re hiring movers, then it’s important to get a few quotes. You want movers that treat your possessions with care and respect. Ask friends for recommendations, and realize that sometimes the lowest cost isn’t always the best option. We also recommend moving extra valuable items yourself, as well as items of sentimental value. Even if you hire the best movers in the country, mistakes happen and things get lost.

New furniture  

Moving into a new home is the perfect time to purchase new furniture. To save some money, you can always sell what you plan on replacing. Then when you buy the new pieces, have them delivered to your new address so you don’t have to move them yourself.

Another reason to buy some new furniture is because furniture is often selected for specific layouts. For example, a sectional fits a specific size, and if your new layout doesn’t accommodate a sectional, then your couch is going to look pretty funny and possibly waste some space.

Maintenance and renovations

If you went the resale route, then there’s a good chance you want to make some upgrades or repairs as soon as you move in. Yes, you paid for an inspection before finalizing the deal, but things get missed and there are potential surprises around every corner (and behind every wall).

Set aside a budget for the most important areas of attention. You should also start building up your emergency fund, which ideally has three months of expenses.

We hope this post, along with our other closing costs and emergency fund tips help prepare you for homeownership!