Extra Costs in Buying a House in Alberta

If you’re looking to buy a home in Alberta, here are some of the costs you may run into along the way.

Inspection Costs

If you are buying a property, it is recommended you do a proper inspection before making such a large purchase. A professional home inspection costs between $200 and $500, and this process examines the condition and safety of a real estate property.

Mortgage Insurance Costs

If you are putting less than 20 percent down on a property, you will likely be required to get mortgage insurance. This insurance protects the lender in case you default on your loan. The cost of this insurance is usually around 0.5 percent of the total loan amount.

Moving Costs

If you are moving to a new property, you will need to pay for moving services. The cost of this will depend on the distance you are moving and your belongings.

Legal Charges

In Alberta, you are not required to use a lawyer to purchase a property. However, many people choose to do so to ensure that all of the paperwork is correctly filled out and filed. Lawyers typically charge between $700 and $1,500 for their services.

Agent Fees

If you work with a real estate agent, they will typically charge a commission. Typically, these charges can be anywhere between 4-6 percent of the purchase price of the home. However, it’s possible to pay lower depending on your agent and the business you’re bringing their way.

Need Help With Real Estate Transactions?

There are many moving parts to buying a house, so most people prefer to work with a real estate professional to ensure the process goes as smoothly as possible. And if you’re looking to buy a house in Alberta, we’d love to work with you. We can help you navigate the Alberta market, guide you through the process, and ensure you get true value. So call us today at (780) 228-3469 to get started.