5 costs to consider before buying a house in Outremont.
Buying a house in Outremont can be an exciting experience, but it can also be very stressful if you are not well accompanied. Although it is possible today to make a purchase without a broker, we strongly advise against it. Working with a broker at your side means peace of mind throughout your transaction. If you are planning on making your first real estate investment in Outremont, there are several costs to consider. This article will highlight some of the costs you may want to consider before purchasing a property. Read on to learn more.
What are the costs to consider before buying your first property in Outremont?
- Property Assessment Fee;
- Building inspection fees;
- Welcome tax;
- Sales tax;
- Home insurance.
Consider the assessment fee
The real estate appraiser will be able to give you the market value of the house you wish to buy. In order to establish the right price for your Outremont property, the appraiser will take into consideration the following elements :
- Materials used;
- The year of construction;
- The location of the property;
- past renovations;
- and much more.
Depending on the type of property desired and its location, the price of the evaluation varies. For a single family home, the price is at least $500. Banks can, in some cases, absorb this cost when it is required as a condition of financing.
Don’t neglect the property inspection
Having your future home inspected in Outremont is to protect yourself from unpleasant surprises.
What is the purpose of a property inspection?
A home inspection is a visual examination of the condition and maintenance needs of a property. The inspector looks for defects and problems that could affect the safety, habitability or value of a property. The inspection report will list all deficiencies found by the inspector during his visit. Although hiring an inspector does not guarantee that there are no hidden defects in your future home, it is possible that they will find some when they inspect. The price of an inspection varies depending on the type of property you wish to purchase in Outremont.
Condo : 300 à 400$;
Single family home: $450 to $550 ;
For a large property: Over $800.
Store around for home insurance
Your Outremont home can fall victim to theft or damage caused by wind, fire or other causes. That’s why it’s important to have home insurance to protect your investment. The cost of home insurance depends on the value of your home and the type of policy you choose. Count between 300$ and 500$ per year.
Add to the budget, the welcome tax
The welcome tax, also known as the real estate transfer tax, has been in existence since 1976. It is a provincial tax that is levied on the purchase of all types of properties in Quebec. To determine the total amount of the welcome tax, you must consider the tax base as well as the transfer duties.
Don’t forget the sales tax
Just like when you go grocery shopping, you always have to add sales taxes. QST and GST apply when you want to invest in a new home or business property. Add about 15% to the value of the house to get the total taxes.
Want to invest in a house in Outremont, contact me
Since 2001, I have helped thousands of people find their dream home in Outremont, Le Plateau-Mont-Royal and throughout the Greater Montreal area. Want to buy or sell a property quickly and at the right price? Contact me, Samia Ouertani, your real estate broker in Outremont.