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What costs could be involved in buying a house?

Expenses unrelated to your mortgage can easily add several hundred dollars to the overall cost.

Aside from the fees associated with getting a mortgage, some other costs to budget for could include...

  • Building inspection fee - estimate $250 to $600.
  • Land Information Memorandum (LIM) - estimate $150 to $500.
  • Engineer's report - estimate $500 to $2,500.
  • Moving costs - check with local removal businesses.
  • Utilities connection fees - estimate $100 to $500.
  • Risk insurance - there are insurance products that can help to repay a mortgage if ill heath or other circumstances mean you cannot repay the loan. The cost will depend on individual circumstances. Tell us if you want to know more about insurance.