Once-only costs

When you buy a house, in addition to the purchase price there are incidental costs to be accounted for. Broadly these incidental (once-only) costs divide into the costs of purchasing the house and financing costs. The financing costs are deductible from your income tax, the costs of buying the house are not.

Purchase costs include:

• The fee charged by the real estate agent for broker services
• The fee charged by the notary for transfer of ownership (deed of transfer)

Financing costs:

• The handling fee charged by the financier for providing the home loan
• The cost of preparing and registering the mortgage deed by a civil law notary
• The cost for valuation of your new home