The real cost of closing on a home
I feel like when people talk about “closing costs” they mostly talk about what is due to their notary or lawyer, plus a home inspection. But the truth is, there are so many hidden expenses associated with moving and closing on a place that perhaps we might not take into consideration. And they can add up fast!
Here is what I spent on my closing costs:
Cell phone overage ($52.14) – Epically long phone conversations all month long with my Mortgage Broker and Realtor.
Coffee shop expenses ($43.88) – This was over the course of 6 weeks, which accounts for a couple of weekends of open houses, lots of meetings, and many, many nights spent writing until late.
Dining out expenses ($90.82) – This was over the course of 6 weeks while I was in limbo, packing/moving and staying away from the house as much as possible.
Replacement groceries ($325.42) – Because I was moving out of ex-BF’s house, I had the task of starting with an empty fridge. I brought absolutely no food, condiments, spices, and no pantry items.
Household items ($264.80) – Includes cleaning supplies, a few decorative items, and household miscellaneous.
UHaul rental ($102.43) – 10 ft. van rental for 6 hours, plus the cost of gas.
Internet/cable hook-up ($76.16) – This included hook-up fee and wireless modem purchase.
Home inspection ($562) – I loved my home inspector. He was very thorough and helpful. This cost was for my unit and an inspection of the entire building complex.
Credit union fee ($5) – It cost $5 to join VanCity, which is where my mortgage is being held.
House insurance ($221) – 12 months of coverage with a $500 deductible.
CLOSING COSTS (paid to Notary):
Payment of Insurance Binder ($40)
Payment to building complex management ($22.40)
Pro-rated maintenance fees ($142.18)
Strata plan move-in fee ($100)
Legal fees, disbursements & taxes ($1,025)
GRAND TOTAL: $3,073.23
Please note that these expenses do not include furniture or renovation costs. I had originally budgeted $4,000 for the closing cost expenses noted above, and for furniture. And I think I will be right around that amount once I actually buy my furniture. I went to IKEA over the weekend and picked out most of the pieces that I want. I will peruse Craigslist to see if anyone is selling theirs first. As for renovations, that should be around $4,500 in total. I will document the full cost of my renovations and furniture purchases closer to the end of the month once I know final numbers.
Author: Krystal Yee
I’m a writer, personal finance blogger, and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, playing field hockey, or plotting my next adventure.