Expenses to save for when buying or selling a home

It’s easy to fixate on numbers when buying or selling a home. Although a purchase or sale price may be the largest number associated with your transaction, it’s not the only one to focus on when setting yourself up for a successful real estate experience.

Below, I’ve detailed some of the commonly overlooked costs of buying and selling property. Save this email as a handy reference for your next move!

HOME INSPECTION FEE

If you choose to have your new home inspected, you’ll have to pay for a certified inspector.

LEGAL FEES

You’ll need a lawyer to review all of the legal documents related to your transaction. Their fees will vary, but may cost up to $1,200 depending on the complexity of the deal.

PROPERTY OR LAND TRANSFER TAX

This tax is applied to the purchase of all homes. However, the amount is calculated differently depending on where you’re buying.

UTILITY HOOK-UPS AND CANCELLATIONS

You must pay to have your utilities connected to your new property. In some cases, there may also be an early cancellation fee. Contact your provider before your move to figure out the most cost-effective options.

REAL ESTATE AGENT FEES

When we list your home, we provide our services for a certain percentage at no upfront cost to the seller. Typically, only the seller pays REALTOR® fees, and the commissions are split between the seller’s and buyer’s REALTOR®.