Winnipeg's Real Estate Blog
Bo Kuffmann

listings

After reading this, be sure to check out Winnipeg Home Finder Print This Post Print This Post

If you like this post, please click the +1 button just below this line

Luxury Homes in Winnipeg: Some things to remember

.luxury homes

When you are about to invest  a large amount of money on a luxury home you need to remember that there are more things to take into consideration besides the cost of the home.  As you add in these extra costs you will find that a luxury home can be even more expensive than you might have thought originally.  Don’t give up your dream though!  Just take these things into consideration and you will be able to find a big and luxurious home that fits your budget.

Here are 8 things you should remember when you buy your first luxury home:

1.     Goods and Services Tax. Luxury homes are often brand new and if it is GST will apply.  In fact, the GST will apply to ALL new homes, not just luxury homes.  GST does not usually apply to homes that have been lived in though.  You should also remember that GST does apply to other services related to buying a house, like appraisal fees and legal assistance.  This GST will apply even if the house you are buying is not brand new.

2.     Appraisal fee. Financing companies may require a property appraisal before you are lent money for luxury homes and this will be your financial responsibility.

3.     Land survey fee. Your lender may ask you to provide an updated survey of the property that you wish to purchase.  The land survey will show the boundaries of the property.  The cost of the survey will vary from location to location.

4.     Land transfer tax. Any time property is purchased in Manitoba, the purchaser pays a land transfer tax that is based on the purchase price of the property.  Ask your  REALTOR® for more information on the cost of this tax, which CAN be substantial, especially with luxury homes.

5.     Mortgage application fee. You might be charged a fee to process your application for a mortgage.  Sometimes when you already have multiple accounts with a lender you can arrange to have the fee waived.

6.     Mortgage insurance. Mortgage insurance is required by the government if you have a high-ratio mortgage.  The cost is added to the mortgage principal and in insurance against the chance of someone defaulting on their loan.

7.     Mortgage broker’s fee. Some people use a mortgage broker in order to find a lender and at the time of closing the mortgage transaction a fee is payable.  You should check with your mortgage broker about who pays the fee because sometimes the lender will pay the mortgage broker directly.

8.     Mortgage life insurance. If you or a co-borrower passes away, the mortgage life insurance will pay for the balance remaining on your mortgage.  You can often add the cost of mortgage life insurance to your monthly payments or you can find an insurance policy on your own.  You should speak to an insurance agent about your options.

There are a few more things you should keep in mind when looking for luxury homes, so watch this blog for the next 6 things!

Enhanced by Zemanta

Technorati Tags: , , , ,

Danielle McGaw is a freelance writer living in small town Manitoba.  She has 7 years experience writing online content for blogs and articles.  You can find out more about her at her blog or on her Facebook page. Contact her at either place for business inquiries.

{ 1 comment }

Winnipeg Condo Market Report for May 2011

May 10, 2011 Blog
Winnipeg Condo Market

Winnipeg Condo Market Report for May 2011 . Each month, Winnipeg’s Real Estate Blog issues a Winnipeg Condo Market Report, separate and apart from our Real Estate Market Report, since condominiums form a distinct and separate part of the real estate market.  In this report, we take a look at the total number of condos [...]

Read the full article →

Home Staging 10 Top Tips from Re/Max for Winnipeg Home Sellers

February 7, 2011 Blog
home staging

Even in a hot real estate market such as Winnipeg, home sellers would be well advised to make sure their homes are “Fit To Sell”. This is the title of a DVD on Home Staging, released by Re/Max to home and condo sellers who are contemplating putting their properties on the market.

Read the full article →

What’s the best time to list a home for sale in Winnipeg?

January 24, 2011 Blog
best time to list

Winnipeg home sellers are often concerned about ‘the best time to list’ their house or condo for sale. To arrive at the answer, we need to look at the laws of supply and demand.

Read the full article →

Top Tips to prepare your Winnipeg home for selling

January 19, 2011 Blog
Winnipeg Home

Thinking of selling your Winnipeg home in 2011? With spring season, and the always hectic ‘sellers market’, not too far away, now is the time to prepare and to do everything you can to sell your property quickly in this fast paced market of home selling.

Read the full article →

Winnipeg Real Estate Market Update for November 2010

November 1, 2010 Blog
Winnipeg Real Estate

Winnipeg Real Estate Market Update . Hello everyone: Each month, I issue a Winnipeg Real Estate Market Update by taking a look at the previous month’s sales and listing stats on the MLS®.   We report on the total numbers of homes sold during the previous month, and then take a look at how many homes [...]

Read the full article →

Real Estate Listing Agent: Top 7 Questions to ask your prospective Listing Agent

October 3, 2010 Blog
real estate listing agent

Real Estate Listing Agent: Top 7 Questions to ask your prospective Listing Agent So you’re a home owner who has decided, like about 90% of all home sellers, to hire a real estate listing agent to help you sell your home.   How do you choose from the hundreds or perhaps thousands of REALTORS® in your [...]

Read the full article →

Selecting the right Listing Agent in Winnipeg

August 28, 2010 Blog

When selling your house or condo in Winnipeg, you have about 1400 real estate agents to choose from. While it is a very good thing to have a ‘Choice’, the homeowner should take a close look at the only thing that separates and differentiates the agents from one another: Their Marketing Plan. What does the [...]

Read the full article →

Market Report for St. Vital Condominiums

August 22, 2010 Blog
24 Nova Vista condo

Hi Everyone: I wanted to send out a quick report on St. Vital Condominiums. I had recently noticed that there is a shortage of good quality condo listings in the south end Winnipeg neighbourhood, a factor which helped on of my recent listings sell for significantly over the asking-price. For a look at the overall [...]

Read the full article →

We sold 201 Horton Ave W. in Transcona Winnipeg

August 20, 2010 Blog

Hi everyone: I’m happy to report that my listing at 201 Horton Ave W in Transcona has sold.  This was a wonderfully updated and cared-for home.  Thank you to all agents who showed it, and a big congratulations to the lucky buyer who purchased this home. If you’re thinking of buying or selling a house, [...]

Read the full article →

Selling your Winnipeg home during slower times

July 24, 2010 Blog

Hello everyone: Let’s start with a “Note to Home-Sellers:  STOP listing your homes for LESS than you are willing to ACCEPT!!!!” So here is the scenario:  I’ve got a buyer, pre-qualified and approved for up to $200,000.  This week, we find a nice home, listed at $196,000.  The home-owner has tried the “Showings Start Friday, [...]

Read the full article →