Don’t get caught by unexpected costs
Even if you make money off the sale of your home, moving will take a bite out of your profits. Closing costs—which include things like a home inspector fee, bank appraisal fee and, in many provinces, land transfer tax—range from 1.5 to 4 per cent of the selling price. If you’re buying a condo, factor in monthly maintenance fees and keep a small reserve for unforeseen expenses.
Check out these tips from Canadian home inspectors before moving.
Buy a place your future self will thank you for
Even if you’re purchasing at 60, think of what your body will be able to manage at 80. That might mean searching for a residence that doesn’t have stairs or scoping out locations that have amenities within walking distance. Another option is to consider a condo or a townhouse, where monthly fees buy you snow removal, repairs and the maintenance of common areas.
Start with the end in mind
Sukkau says a surprising number of people buy a place that fits their furniture, rather than the other way around. “I’ll have couples say, ‘Oh, this bedroom won’t fit my king-sized bedroom suite,’” explains Sukkau. Buy the place that’s right for your lifestyle—even if it means selling your stuff and purchasing condo-sized furniture after, or renting a storage locker to house heirlooms.
This handy guide tells you where to take everything.