Buying a home is about more than saving for the down payment.
1. Home Inspection
A home inspection is one of the most important steps when buying a home. A qualified inspector can help identify potential issues with the property, including the roof, foundation, electrical, plumbing, heating systems and more.
The cost can vary depending on the property, but it’s worth including in your budget before you start looking seriously at homes.
Tip: A home that looks great during a showing can still have issues that aren’t obvious at first glance.
2. Legal Fees
A real estate lawyer handles important parts of the purchase, including reviewing documents, transferring the property title and making sure the funds are properly handled for closing.
Legal costs can vary, so it’s a good idea to contact a lawyer early and ask for an estimate based on the type of property you're considering.
Tip: Don’t wait until possession is right around the corner to choose your lawyer. Having one lined up ahead of time can make the closing process much smoother.
3. Property Appraisal
Depending on your mortgage and lender, an appraisal may be required to confirm the value of the home before financing is finalized.
Sometimes the lender covers or arranges the appraisal, while in other situations the buyer may be responsible for the cost.
Tip: Ask your mortgage broker or lender early whether an appraisal could be required and whether there will be a cost to you.
4. Land Titles and Registration Costs
When you buy a home in Alberta, the transfer of ownership and your mortgage (if applicable) need to be registered with Alberta’s Land Titles Office.
These registration costs are generally handled through your lawyer as part of the closing process and can vary depending on the purchase price and mortgage amount.
Tip: When asking a lawyer for a quote, check whether the estimate includes Land Titles registration costs so you have a clearer picture of your total closing expenses.
5. Property Tax Adjustments
Property taxes are typically adjusted between the buyer and seller at closing. Depending on when the seller paid their property taxes and your possession date, you may need to reimburse the seller for the portion that applies after you take ownership.
Your lawyer will calculate the adjustment as part of the closing process.
Tip: Ask your lawyer about potential tax adjustments so you understand what additional funds may be required at closing.
6. Moving and Setup Costs
Moving into a new home can come with several smaller expenses that add up quickly. These might include movers or a rental truck, utility connection costs, changing locks, purchasing blinds or curtains, and those inevitable first trips for household supplies.
Planning a little extra room in your budget can make the first few weeks in your new home less stressful.
Tip: Consider keeping a separate “moving-in” fund rather than using every available dollar toward your down payment and closing costs.
7. Home Insurance
Before your lender releases the mortgage funds, you'll generally need to have home insurance in place for your new property. The cost will depend on the home, coverage and insurance provider.
It’s worth getting quotes before possession day so this expense doesn’t catch you by surprise.
Tip: Ask your insurance provider what information they’ll need about the property ahead of time so you’re not scrambling right before possession.
One Last Thing — Enjoy It!
Buying a home comes with a lot of numbers, paperwork and decisions, but don’t forget that it’s also an exciting milestone.
Plan ahead, leave yourself some breathing room in the budget, and when possession day finally arrives, take a moment to enjoy it.
And maybe budget for one more important moving-day expense… takeout pizza. 🍕
You’ve earned it.