What are the Cost to purchase a condo or house in Burnaby? (Part 1 of 3)
Cost Estimator for Home Buyer 2020
When you buy a home, the buyer is not only preparing for the purchase price, but also to understand any additional cost of purchase a home before you put up an offer, or before you start thinking your budget.
It is always a good idea for you to know all the possible cost in advance so that you are comfortable for your purchasing and ensure you have enough money to make a living after completion date.
We summarize the list and hope that we can give you a good reference and starting point so that you can prepare well on our budget for your new home purchase.
If you’re wondering what the cost of buying a house in BC is, here’s our list of the top expenses every buyer should consider.
Phase 1: Before and On Subject Removal
Currently, it is about a few hundreds from $400 to $600 plus GST. When you apply a home mortgage, a lender usually require to do appraisal. Some lenders (or banker) may cover the cost of appraisal or you need to pay in advance for your mortgage application. You may need to confirm your banker or mortgage broker. It is up to the lender if they really have to do the appraisal for mortgage application.
The cost for home inspection is ranging from $300 to $800 + GST depends on the size of the home. Condo is usually around $300 – $500 while House usually cost $500 – $800. The expense are borne by the buyer. In some case, the seller may have a pre-inspection done. Or you may choose to waive the inspection clause.
OIL Tank Inspection
Many homes in the Greater Vancouver area including Burnaby built before 1957 were originally heated with furnace oil. When natural gas became available, the oil storage tanks, which were normally located underground in backyards, were filled with sand or capped.
If you house is a bit older before 60’s year or older, you may find old tank company to have a professional oil tank scan. It is about $100 – $150 for a scan.
If an oil tank is discovered on a property it has to be removed immediately at the owner’s expense. If there is no leaking, there will be around a few thousands.
If it has been leaking oil, it could cost a lot of money from tens or even hundreds of thousands of dollars in remediation costs. If you’re looking to buy a house, it is always recommended to get an Oil Tank Scan by a qualified professional!
In some cases, the sell has done the property scan and it can provide you the oil tank scan certification to indicate that there is no oil tank found from their scan report.
On Subject Removal Day or within 1-2 business days depends on the Deposit terms.
There is no fix requirement for how much a buyer should pay for deposit. However, in Greater Vancouver, about 5% of the purchase price for deposit is common. And the deposit is usually paid paid either upon or within 24 hours of your offer being accepted depending on how the contract is structured. The deposit is usually paid to the buyer agent brokerage company’s trust account, and will be held until completion date. This deposit will form a part of your down payment on completion date.
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