Recouping Real Estate Transaction Costs
Eric Tyson and Tony Martin
Published on Monday, Feb. 01, 2010 1:19PM EST Last updated on Monday, Feb. 08, 2010 1:33PM EST
This is the 5th in a series of ten excerpts from Investing for Canadians for Dummies.
Financially speaking, we greatly advise that you wait to purchase a home until you can vision yourself staying put for a more than 3 years. Ideally, we would like you to think that you have a solid opportunity of staying with the home for 5 or more years. Why? Buying and selling a house cost a lot of money, and you generally need at least 5 years to recover your transaction costs. Some of the expenses you’ll face will include
*Inspection fees: You should not purchase a property without thoroughly inspecting it, so you’ll spend on inspection expenses. Good inspectors can help you identify problems with the heating, plumbing, and electrical systems. They also inspect the foundation, roof, and so on and let you know whether there are termites living in the house.
*Appraisal fee: Your lender may ask you to get your house appraised so that it can have an independent assessment of the home’s price. An appraisal usually costs from $150 to $300 or more.
VIA Globe and Mail
Keyword: Stock Investing
Eric Tyson and Tony Martin
Published on Monday, Feb. 01, 2010 1:19PM EST Last updated on Monday, Feb. 08, 2010 1:33PM EST
This is the 5th in a series of ten excerpts from Investing for Canadians for Dummies.
Financially speaking, we greatly advise that you wait to purchase a home until you can vision yourself staying put for a more than 3 years. Ideally, we would like you to think that you have a solid opportunity of staying with the home for 5 or more years. Why? Buying and selling a house cost a lot of money, and you generally need at least 5 years to recover your transaction costs. Some of the expenses you’ll face will include
*Inspection fees: You should not purchase a property without thoroughly inspecting it, so you’ll spend on inspection expenses. Good inspectors can help you identify problems with the heating, plumbing, and electrical systems. They also inspect the foundation, roof, and so on and let you know whether there are termites living in the house.
*Appraisal fee: Your lender may ask you to get your house appraised so that it can have an independent assessment of the home’s price. An appraisal usually costs from $150 to $300 or more.
VIA Globe and Mail
Keyword: Stock Investing
