Moving On Up
March 12, 2021 | Posted by: Keith Leighton
When it comes to moving on up, it can be extremely exciting – and rewarding – as long as you consider all the costs. When up-sizing, some of the costs to consider include:
• Costs to sell your current home
• Purchase price on the new home
• Property Transfer Taxes
• Realtor fees (typically 2.5-5% of the homes selling price)
• Home ownership costs
If you are moving up from a condo or apartment to a single-family home, you will save on strata fees; but it is important to realize that you will now be responsible for all of the maintenance of your home. To ensure financial success, it is a good rule of thumb to save one percent of your new home’s purchase price, per year, for maintenance. For instance, if you purchase a $600,000 new home then you would want to ensure $6,000 per year in savings.
Making the move to a larger home is both an exciting and daunting process – but it is entirely doable with the right preparation.
Regardless of where you are moving on the property ladder – whether up to a full-size family home or down to a more comfortable condo – a Dominion Lending Centres Ideal Mortgage professional can help you move on up the property ladder and ensure future financial success so you can continue living the life of your dreams!