Buying a home in Alberta is an exciting milestone, whether you're a first-time buyer or upgrading to your dream home. But while most buyers budget for the down payment and mortgage, many overlook the hidden costs that can quickly add up and affect your bottom line.
At HomeSweetHomeEdmonton.com, we believe in helping buyers make informed decisions every step of the way. In this guide, we’ll break down the unexpected expenses you need to plan for when buying a home in Alberta—so you're not caught off guard.
1. Home Inspection Fees
Before finalizing any purchase, a professional home inspection is a must. This can cost anywhere from $400 to $700, depending on the property size and complexity. It may seem like an optional step, but skipping this can cost you thousands in hidden repairs later on.
2. Legal Fees and Disbursements
Hiring a real estate lawyer is essential for closing the deal. Legal fees in Alberta generally range from $1,000 to $2,500. Disbursements, such as title searches and land transfer fees, are additional and can total a few hundred dollars more.
3. Property Taxes and Adjustments
When you take possession of a property, you may need to reimburse the seller for prepaid property taxes or condo fees. These costs are typically prorated and added at closing, but can still come as a surprise.
4. Title Insurance and Land Title Transfer Fees
Title insurance, which protects against title fraud or survey issues, can cost between $200 and $400. You’ll also need to pay a land title transfer fee based on your property’s value—often overlooked until the last minute.
5. Moving Costs and Setup Expenses
From hiring movers to setting up utilities, internet, and home insurance, the cost of moving in can total $1,000 or more. Don’t forget things like new locks, blinds, or appliances that may not be included in your purchase.
6. Mortgage Insurance (if applicable)
If your down payment is less than 20%, you’ll be required to pay CMHC mortgage insurance—either upfront or rolled into your mortgage. This can add several thousand dollars to your total cost.
7. Maintenance and Emergency Fund
Unlike renting, owning a home means ongoing maintenance is your responsibility. Budgeting 1-3% of your home's value annually for repairs is a smart financial move—and having an emergency fund is essential.
Work With Trusted Local Experts
Navigating the Alberta real estate market doesn’t have to be stressful. At Maxwell Polaris Realty, Blu Erick (780-819-5309) and Jenniffer Erick (780-887-5308) bring deep market knowledge, transparency, and personalized service to help you buy with confidence.
Want a smooth home-buying experience with no surprises? We’re here to guide you every step of the way.
Visit us at www.HomeSweetHomeEdmonton.com to browse listings, get expert advice, and schedule a consultation today.
Final Thoughts
Buying a home is one of the biggest investments you'll make—don’t let hidden costs derail your budget or cause regret. With the right information and a trusted team behind you, you can avoid surprises and move into your new Alberta home with confidence.
Contact Blu or Jenniffer Erick at Maxwell Polaris Realty today to get started.
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