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Luxury Homes in Winnipeg: 6 more things to remember

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Previously we talked about 8 things you should consider when you are looking at luxury homes.  These things include mortgage costs such as life insurance, broker’s fees, insurance, and application fees, among other things.  There are 6 more things that you should keep in mind though.

1.     Cost of moving. You will likely need to hire professional movers if you are moving a substantial amount of home items.  Keep in mind that as the demand for professional movers increases (like at the end of the month or in the summer) costs may increase as well.

2.     Liability and fire insurance. You should speak to your insurance agent about this kind of insurance.  Many lenders will expect you to have liability and fire insurance to cover the outstanding balance of the value of the house that is not covered by other insurance.

3.     Inspection fees. Your lender may request that you get a professional home inspection before the final papers are signed.  Even if they do not request it this is something you should consider anyway, so that you are aware of any major repairs that need to be done on the home in the first few years after you purchase the property.  You may want to include part of the cost in the conditions of purchase or if the home inspector finds some major issues you may want to ask that the price of the home be reduced.

4.     Property taxes. Every home purchase will come with property taxes but your lender may require that the property taxes be added to your monthly payments.  This often happens when you borrow more than 75% of the cost of the house.  You should remember that luxury condos are subject to the same tax rate as luxury homes.

5.     Legal fees. No matter what, you are going to need a lawyer when you purchase a home.  Your lawyer will do things like searching the title, drawing up the mortgage documents, reviewing the offer, and overseeing closing.  You will be required to pay all fees involved plus the legal fees.  There is a wide variety in the fees that are charged by lawyers so get recommendations from friends or shop around before you choose your lawyer.

6.     Maintenance, utility and other costs. When you are considering what you want to pay monthly for mortgage and property tax payment, keep in mind that you will also have to pay to heat the house, supply electricity, and have a telephone and Internet connection.  Also, the vendor may have already paid for some of the costs like property taxes or utility bills and if this is the case they might ask you to reimburse them or it.  Finally, there may be repairs on your home in the future.

If you’re interested in luxury homes in Winnipeg, work with a REALTOR® who can help you find what you’re looking for.

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• Demand for luxury homes up in many Canadian cities (ctv.ca)
• Why an NHL return to Winnipeg would be good news for our city (bokauffmann.com)
• Top Ten Reason to Love Winnipeg (bokauffmann.com)

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Tagged as: buying a house, Condominiums, luxury condos, Luxury real estate, winnipeg

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