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How to budget for closing costs

If you're shopping for a new home, you're probably aware that there will be some costs over and above the purchase price. It makes sense to budget for these costs so you're not surprised – and unprepared – when you get the bill.

 

Most of these costs fall into a category that the real estate industry calls "closing costs." The most common types include land transfer tax, lawyer’s fees and disbursements, sales taxes, and for newly-built homes, utility hook-ups.

 

You should also consider other expenses you will incur, such as home insurance and moving expenses.

Of course, if your new home is a condominium, you’ll also have to account for the monthly condo fees.

 

Closing costs can vary depending on the type and location of your new home. A good REALTOR® can help you determine the costs you will incur.

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