You’ve crunched the numbers, stalked the listings, and found the one. You’ve got your down payment ready, your mortgage pre-approval in hand, and visions of Pinterest-perfect décor dancing in your head. But before you pop the champagne, let’s have a little real talk: buying a home is not just a “purchase price plus taxes” situation. Oh no, friend. There are sneaky, lurking costs that love to jump out and shout “Surprise!” right after you’ve signed on the dotted line. And if you’re not prepared, they can hit harder than a surprise visit from your in-laws. Here are the seven stealthy costs you need to know about before you call a moving truck.
1. Home Inspection Fees
Yes, you should get one. No, it’s not optional. A home inspection is like the first date where you find out if the house is hiding any dark secrets. And like all good first dates, it costs money—usually a few hundred bucks. It’s worth it, though. A solid inspection can save you from buying a place that’s a ticking time bomb for repairs.
2. Legal Fees (a.k.a. The “We’re Almost Done” Invoice)
Once you’ve found your dream home, you need a lawyer to make it official. Think of them as the referee making sure nobody cheats in this real estate game. They’ll handle title transfers, land registry, and all that glamorous paperwork. Depending on where you buy, you could be looking at anywhere from $1,000 to $2,000.
3. Land Transfer Tax (a.k.a. The Government Welcome Wagon)
This one’s the classic “Oh, you thought you were done paying? How adorable.” Land transfer tax is the government’s way of saying “Congrats on your new home… now hand over some cash.” Alberta doesn’t have a big, scary LTT like some provinces, but you’ll still have registration and title fees to cover.
4. Property Taxes (They Don’t Wait Until Next Year)
Even if you move in halfway through the year, you might have to reimburse the seller for the portion they’ve already paid. So before you get too comfy, remember your first mortgage payment might be followed closely by your first property tax bill. Welcome to adulthood.
5. Closing Adjustments (The Fine Print Nobody Reads)
These are the mysterious little costs that pop up in your lawyer’s final statement—things like prepaid utilities, condo fees, or HOA dues that the seller has already covered but you now owe them back for. It’s the real estate version of splitting the dinner bill when you weren’t the one who ordered the lobster.
6. Moving Costs (It’s More Than Gas and Pizza for Your Friends)
If you think you’ll just rent a U-Haul and call it a day, I admire your optimism. Movers, packing materials, and the emotional toll of boxing up your entire life add up fast. Even if you DIY it, you’re still buying boxes, tape, and that weird bubble wrap that will take over your garage.
7. The “Oh Crap” Fund (Because Stuff Happens)
Even if the inspection was spotless, something will break. A faucet will leak, a toilet will run, or your dryer will decide it’s had enough of this life. Having a small emergency fund will save you from putting repairs on a high-interest credit card.
Bottom Line, the sticker price on a house is just the tip of the iceberg. The real cost of buying a home is in these hidden extras. But here’s the thing: if you know they’re coming, they’re not scary. You can plan for them, budget for them, and still have enough left over to buy that ridiculously overpriced but perfect throw pillow for your new couch.
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