Buying a home can be a very exciting but stressful experience with many costs to manage. Most people are prepared for movers costs ($90 - $160/hr), lawyer (Approx. $1000.00) and even interior design ($250/hr) expenses and they plan for them accordingly.
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Closing costs are typically one-time-only charges that are necessary to complete - or "close" - the transaction. These costs may include inspectors fees ($450/inspection), appraisers ($250/appraisal), title searches. lawyer (Approx. $1000.00) and applicable taxes, such as GST on the fees. Closing adjustments include the repayment of a portion of any property taxes, utilities etc. that may have been prepaid by the vendor. If you have bought a condo, you will get a package of strata documents to read, they can be very comprehensive & complicated. There is a service that can read the documents for you and prepare a report for a fee of $349.00, click here & order the
service
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There will be some costs. such as cable TV, telephone, hydro and home insurance that typically will end with previous owner's departure. It is the owner's responsibility to cancel the existing service with no costs owing to you. It is your responsibility to arrange for new service under your own name. Shortly before your closing date (usually 2-3 days before completion date), your lawyer should also be able to tell you the exact amount you will be required to pay in addition to your down payment. You will be required to submit this payment before you will be allowed to sign your documents and get the
keys to your new home. With a good lawyer and your RE/MAX professional, there's one thing that you can expect on closing day and that is: no surprises.
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Rental Rates for Vancouver, Average Condo Maintenance Fees & Approx Vancouver Property Tax Calculations.
To calculate Yields or rate of return on a property depends on how much money you put down & what is the purchase price? The approximate normal rental rates in Vancouver are between $2.00 - $2.50 per foot for unfurnished & up to $3.00 per foot for a furnished higher end condos. Please note – furnished condos will get you a higher yield but you will only have it rented an average of 50% of the time. The average maintenance fees are approx 35 cents per foot per month. For yearly taxes take the assessed value & divide it by 270 & you will get the approx yearly taxes.
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Top 21 grants and rebates for property buyers & owners
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Typical inspector duties while doing an inspection.
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Renovation Tax credits and low interest offer incentives to homeowners
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Completion costs guide
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Tips on buying a condo assignment
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BC's Property transfer tax a bad law that needs to be fixed
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Professional help eases stress for buyers Buying a condo
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MyStrataCorp Document Services
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Buying & Selling Canadian Ppty - info for Non-Residents
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How & when to tell a client or Buyer No Thank You
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Assignment GST & PPT taxes - Questions & Answers
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Strata-Check - Strata Corporation Document Review Company
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PTT – Property Transfer Tax – First Time Home Buyers Program General Info
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To learn more about the advantages of working with Les & Sonja's Team, request a free, no obligation Team Information Pack by calling 604-671-7000 or 1-800-668-3369 or sending an e-mail to [email protected]
For condo buyers in Downtown Vancouver please go to www.6717000.com/maps to access websites for every building loaded with detail info including MLS listings for each building.
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Printable Page
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