Moving to Alberta? Buying a home in Alberta? Relocating to Alberta? In this video we'll discuss the 5 Up-Front costs you'll want to be prepared for if you plan to buy a home.
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Evan Cochlin - REALTOR®
River Valley Realty Team // MaxWell Challenge Realty
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In this video, I'll cover 5 Up-Front costs that you'll want to be prepared for if you are buying a home in Alberta.
1. Deposit - When you get an accepted offer, the seller is going to require a deposit to mark the unit as "Pending" during your condition period. Typically, at an average price point in Alberta the deposit amount is $5,000-$10,000. If you decided to back out of the deal due to problems arising from inspection or financing issues this deposit will be returned to you.
2. Property Inspection - You'll want to hire a professional property inspector to go through the property with a fine tooth comb and bring to your attention any and all issues with the property. The cost of inspection depends on the size of the property but can range anywhere from $400-$1,000 for most inspections.
3. (If buying a condo) Condominium Document Review - It is HIGHLY recommended to hire a professional company to review the huge condo document package that you will receive. These companies are trained to analyze financials, reports, reserve funds and more to spot any "Red Flags" and tell you about any concerns you should have with the state of the Condominium Corporation and the future of the property.
4. Down Payment - If you are financing your purchase with a mortgage, you'll need to have at least 5% of the purchase price as a down payment. If the purchase price is more than $500,000, then you'll need 10% of the portion above $500K as a down payment as well. If you want to avoid CMHC insurance fees, you'll need 20% down.
5. Closing Costs - You'll need to hire a lawyer to facilitate the transaction, manage the funds, and transfer the title. Each law office will have a different fee structure but this typically costs between $1,000 - $2,000
If you're from another province, you're probably wondering about "Land Transfer Tax". Here in Alberta, we DON'T have a land transfer tax. We have a title transfer fee that is calculated as a flat $50 plus $1 for every $5,000 of purchase price. On a $500,000 purchase, this equals only $150.
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If you have any questions, reach out to me anytime!
Cheers and happy buying in Alberta! 🏠
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