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There are many costs associated with buying your first home or your dream home. There are upfront costs and ongoing costs that you need to consider when planning your home-buying budget.

Upfront costs may include:

- Down Payment – This needs to be ready at time of purchase and its source to be verifiable by the bank.
- Initial and Additional Deposits - This is part of your down payment and has to be accessible when you're placing an offer on a property.
- Home Inspection - Costs of a home inspection runs from $350 to $550 on average, but it can go up to $1500 for larger homes, acreages, and specialty houses.
- Condominium document reviews - When buying condo, having an independent professional to review your documents is really important. Costs vary from $350 to $550.
- Appraisal fees - This cost may be paid by the lender or bank, but in some cases you have to pay the cost again. Costs are between $250 and $550 and up for specialty homes.
- Mortgage Insurance fees - CMHC & Genworth fees are for mortgages with downpayments less 20%. This fee is added to your mortgage. You broker will advise you on the amount.
- Legal fees and disbursement - Legal fees vary from $1,200 to $1,500 and more. Fees are based on the price of the home and the size of your mortgage.
- Moving Costs - This is a hard one to estimate. It can range from a few hundred dollars by just renting a U-Haul to a few thousands by hiring professional movers.

Ongoing costs may include:

- Your Mortgage Payments - This can be in monthly, bi-weekly or weekly terms. The more frequent your payment is, the faster you are paying off your mortgage.
- Home insurance - Home insurance is based on the size of the house and several other factors.

Other regular fees include Property Taxes, Condo Fees, Utilities, Repairs and Maintenance.

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