1. Winnipegs Real Estate Info
Info and Tips for Buyers and Sellers of Winnipeg Real Estate - https://blog.winnipeghomefinder.com
Closing Costs when buying a house or condo in Winnipeg
by Bo Kauffmann -
https://blog.winnipeghomefinder.com/closing-costs-when-buying-a-house-or-condo/
Closing costs when buying a house or condo in Winnipeg
I have found that many buyers are not aware of the fact that there are additional costs (called
Closing Costs) when buying a house or condo. I had always 'assumed' (I know...you're not
supposed to do that), that banks would counsel their clients as to the actual costs involved. Alas,
I learned that this is not always so. Blame the hectic market pace, under-staffing or any number
of things, but for whatever reason, it's not being done.
So when buyers come to me, I sometimes have to give the bad news. Here are some of the major
expenses involved when buying a home (or condo).
Closing Costs
Legal Expenses
The basic legal fees for purchasing a home run around $900.00 Now, many lawyers will quote
something like $399 or $449, but that's the basic fee. There will be additional expenses on top of
that, so you can expect to budget around $1000.00.
Property Taxes
Depending on the time of year you take possession, you may have to pay the remaining taxes for
that year. In Winnipeg, our taxes run from Jan to Dec, and are paid in June. What this means, in
short, is that if you take possession after June, you will most likely have to pay a portion of the
taxes. This is assuming the current owner has paid up the taxes for the entire year. If you take
possession before June, you may actually get a refund from the current owner. The joy this
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2. Winnipegs Real Estate Info
Info and Tips for Buyers and Sellers of Winnipeg Real Estate - https://blog.winnipeghomefinder.com
brings will be short-lived, however, as you will then be responsible for the full tax bill on June
30th.....So depending on WHEN you take possession, these taxes could form a major part of your
overall expenses.
Check out the home buyers webinar. If you're thinking of purchasing a property in Winnipeg,
whether its a house or a condo, this online webinar will be the best 40 minutes you've invested.
Available twice a week, here is the link to reserve your spot.
Land Titles Transfer Tax
This one is a real beauty and easily the biggest part of the closing costs. Every sale of a house or
condo, whether a re-sale or brand new, is subject to this tax. The kicker is that the more
expensive the home, the higher the tax.
So a $90,000 home will cost you $370.00.
A $150,000 home or condo will cost you $970.00.
A $200,000 home will cost you $1720.00
For every $1000 above this price, you can add another $20.00 for our provincial coffers. (You
know, to keep our roads nicely repaired and stuff like that)
So if you're up at a $300,000 house, you'll be facing a $3720.00 bill....
Winnipeg REALTORS® have actually been lobbying hard, for years, to try and get the
Provincial Government to understand that this tax-grab is unfair.
NEW: PST on Mortgage Insurance
Thank you to my friend Daryl Harris of One-Link Mortgage for pointing this out. There is
now a tax on top of the mortgage insurance fee. Daryl gives an example of "$720 for a
$250,000 mortgage with 5% down payment" sweeeeet!
Home Insurance
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3. Winnipegs Real Estate Info
Info and Tips for Buyers and Sellers of Winnipeg Real Estate - https://blog.winnipeghomefinder.com
Home Insurance is absolutely required if you are getting a mortgage, and of course highly
recommended in any case. This is where houses and condos are different, because in the case of a
house, you need to insure the building as well as contents, and your personal liability. In condos
(high-rise apartment style) you only insure the condo improvements and your liability, as the
building itself is usually insured vie your condo fees (and thru the condo corporation).
In any case, with a house, you should budget between $500 to $1000, and in cases where the
home is more expensive, you'll be looking at more than that. Contact an insurance broker to give
you a quote. (If you need one of those, I can refer you to a good insurance broker in Winnipeg)
For condos, your expected cost should be around $250 to $300 (for high-rise condos), but for
bare-lands condos you will need to budget more along the lines of what a house would cost.
Of course, the buyer needs to be aware of moving costs, and other incident expenses.
If you're looking to buy a house or condo, please give me a call. I work with a lot of first-time
buyers, and will take the time to explain the entire process, including all Closing Costs to you.
Bo Kauffmann 204-333-2202
https://vimeo.com/186166639
Bo Kauffmann is a top-producing REALTOR® with REMAX
performance realty, and he enjoys working with both home buyers and sellers. He is an
avid student of social media and internet marketing, with strong followings on facebook,
twitter, linkedin and google+.
If you're looking to buy or sell, a house or a condo in Winnipeg, book a free, no obligation
consultation with Bo.
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4. Buying a home may be the largest and most complex financial
transaction you ever undertake. If you’re ready to buy a home,
wouldn’t you prefer to work with the most qualified real estate
professional you can find?
An Accredited Buyer’s Representative stands out in the crowd.
If your REALTOR®
holds the ABR®
designation, you can trust that
they have the extra edge when it comes to KNOWLEDGE AND EXPERIENCE.
an Accredited Buyer’s
Representative?
Why Work with
The ABR®
designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a wholly-owned subsidiary
of the National Association of REALTORS®
.
To learn more about REBAC and access various homebuyer resources, please visit www.REBAC.net.
The ABR®
designation is only
awarded to licensed real estate
professionals who complete
specialized training that gives
them the edge in understanding a
buyer’s perspective and protecting
and promoting their buyer-clients’
interests. Before earning the ABR®
designation, buyer’s reps must also
demonstrate proven experience in
representing buyers. Further, they
are committed to maintaining their
professional edge by staying current
on the latest issues and trends in
buyer representation.
When you work with an ABR®
, you’ll
be served, not sold. Your interests
become their interests. They’ll
make your home buying experience
go as smoothly and successfully
as possible.
You can expect your ABR®
to:
• Understand your specific needs
and wants, and locate appropriate
properties
• Assist you in determining how
much you can afford (pre-qualify
your mortgage)
• Preview and/or accompany you
in viewing properties
• Advise you in formulating your offer
• Help you develop your negotiating
strategy
• Provide a list of qualified vendors
(inspectors, attorneys, lenders, etc.)
for other services you may need
• Keep track of every detail throughout
the transaction—to closing and
beyond
Not all buyer’s representatives
are equal. Only a buyer’s rep who
has earned the Accredited Buyer’s
Representative designation has made
the extra effort to raise the bar, with
additional training and experience.
If you work with an ABR®
, you can feel
confident that you’ll receive the highest
level of buyer-representation services.
The ABR®
designation is awarded
by the Real Estate Buyer’s Agent
Council (REBAC), a wholly-owned
subsidiary of the National Association
of REALTORS®
(NAR).
Why?