Start-up costs: have you thought about them?

Did you know that when purchasing a property, you need to have a certain amount of cash on hand to cover start-up costs? Indeed, the down payment and mortgage payment are not the only expenses to consider when buying a home.

Start-up costs should not be taken lightly; it is essential to have sufficient funds available. Many mortgage lenders will even ensure that you have these funds before granting you a loan. The mortgage loan is based on the value of the house and cannot be used to cover start-up costs.

Here are some common start-up costs:

Property inspection and appraisal
Mortgage insurer's file review, if applicable, as well as taxes on the premium
Notary fees
Adjustment fees indicated by the notary (electricity, heating, municipal and school taxes, equipment rental contracts, etc.)
Land transfer tax (welcome tax)
Moving expenses
Connection fees (phone, electricity, etc.)
Setup (painting, curtains, etc.)