It’s very important to have a solid understanding of the closing costs associated with buying a home in Ottawa – before starting your house hunt!
These costs add up quickly and are in addition to your down payment. Knowing and documenting your expected costs is a great way to plan ahead and enjoy a smooth closing process. In Ottawa and surrounding communities, you should allow for at least 1.5% to 2.5% of the purchase price for closing costs. The higher funds available, the better. Remember, there are always added costs that are not readily known (ie: extra gas fees, food, moving company/friends, celebration).
I’ve included some estimated numbers below to provide you with a clear picture of what kind of costs to expect on a house price in Ottawa of $700,000 with a 10% downpayment. Closing costs will vary based on personal circumstances. The numbers below are for illustration purposes only.
Buying a rural property? Don’t forgot to add in well inspection and septic inspection fees. These inspections are often completely separate from the home inspection with their own specific fees.