24 Feb 2012

Buyers beware – of hidden closing fees

Buying a new home can pose many unforeseen challenges and hurdles, making the process hard, yet worth it in the end. Closing costs are one aspect of buying that some may overlook, Moneyville reports.

According to the source, potential buyers are advised to put aside one to three percent of the total purchase price of the home for payment of the closing costs. Buyers should also factor in between $600 and $900 for legal fees and another $400 for disbursements. Moneyville reports that this money will go towards registering the mortgage, completing a tax certificate and performing a title search on the home.

With all of these hidden extra costs, it's important for buyers to look into affordable self storage in Toronto or other parts of Canada where they can keep their valuables from their current home without breaking the bank.

US News reports that buyers who must first sell their current home should make sure to take the time to repair and update the house they live in now in order to get the best price in the slow economy. Being flexible with offers can also help sellers get a price close to what they want.

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