The purchase of a lakeside property obviously comes with its share of costs, which many buyers forget to calculate. A real estate transaction involves thousands of dollars in fees and a large sum of money to invest in down payment.
- Down payment (5-20% of the sale price)
- CMHC insurance premium (if less than 20% down payment)
- Pre-purchase inspection
- Welcome tax (or transfer costs)
- Assessment fees (often at bank expense, however)
- Notary fees
- Inspection of the well and septic systems
- Life and home insurance (payable monthly once purchased)
In total, the purchase costs often represent at least $ 4,000-5,000, not including the down payment. Make a budget and plan with the help of a broker the cash you will need.