A Buyers question: How much does buying a home actually cost?
Nobody likes an unexpected bill and buying a home requires more than just the minimum 5% down payment. Here are a list of the most common costs associated with buying a property, along with some of our clients favorite recommendations:
🪹 Down Payment
In Canada, 5% the minimum amount required for a down payment when purchasing a home. A great mortgage broker can help prepare you with a pre-approval.
Our clients top picks:
Ryan McEwan 306.220.7666 ryan.macewan@mortgagegroup.com
Hilary Maughan 306.371.0526 hilary.maughan@affinitycu.ca
🏡 Home Inspection
A home inspection can reveal potential issues, giving you peace of mind and the information needed to negotiate if necessary. A regular home inspection is usually around $500.
Our clients top pick: Young Inspections
🔥 Property Insurance
Property insurance is mandatory when securing a mortgage. Rates can vary widely based on factors like location and coverage level. Both of these Saskatoon home insurance options offer tailored policies to fit your needs and protect your investment.
Our clients picks:
💼 Legal Fees
Legal fees cover the cost of handling the paperwork, title transfer, and other legal aspects of your purchase. Expect to pay anywhere from $2,000 to $5,000, depending on the complexity of the transaction and the purchase price. Don’t hesitate to reach out to multiple real estate lawyers to compare services and fees. You can send them a quick email telling them the price range of the home you are buying. Here are some experienced lawyers that have had raving reviews from past clients:
Berkely Buchko: bbuchko@cuelenaere.com
Steve Wilson: twila.sjwlawoffice@shaw.ca
Mike Derbowka: mderbowka@cuelenaere.com
Understanding these costs upfront can help you budget and avoid unexpected surprises during your home-buying journey. At Prisma, we’re here to guide you every step of the way, from connecting you with reputable service providers to helping you navigate each part of the process with confidence. Buying a home should be an exciting experience — let’s keep it that way by making it as transparent and straightforward as possible.
