Purchasing Costs for Buying a Calgary Downtown Condo

When you decide to buy a downtown Calgary condo for sale, it is important that you have a full understanding of the costs associated with your purchase. Most of the time, home buyers assume the only cost of buying a condo is the price. You must understand that there are a lot of additional costs that you must prepare for; therefore you need to set aside extra money for these unless you’ve already made arrangements with your bank to absorb these costs into your mortgage.

So what do you need to prepare for? The first expense will be your initial deposit. This can be anywhere from 2 to 5% of the purchase price. This is negotiable and is a gesture of good faith that the buyer has full intentions of going through with the purchase.

Other fees you have to prepare for are:

  • Legal fees and disbursements
  • When buying a new home (newly built / never lived in) you are sometimes responsible for GST and/or PST if applicable
  • Property or land transfer tax
  • Adjustments (payable to the vendor, such as taxes)
  • Interest
  • Property Taxes
  • Utility Payments
  • If in a Condominium type of ownership, condo or strata fees
  • Home inspection fees or any other ancillary service fees requested by you as the buyer (furnace inspection, appraisal fee, water quality/quantity tests for acreages)
  • Mortgage loan insurance premium (if less than 20% down) plus application fee
  • Moving expenses
  • Renovations, repairs, paint, carpeting, and window coverings
  • Furniture
  • Property/Condominium Insurance

Did that long list of additional expenses discourage you from buying your condo? Know that all these costs are part of buying a home and are well worth it. If you are interested in buying a Calgary condo for sale, contact me at 403.400.5541 so we can sit down and go over a detailed list of expenses when buying a condo. I can also connect you with vendors throughout the city who can provide us with competitive pricing on many associated costs.