Insider Tips for First Time Home Buyers – Part 5|5

Ariel Kormendy

Ariel Kormendy

Co-owner of the KT Team and Renti, Ariel Kormendy has been a resident of Milton and Oakville for over 20 years. With a lifelong passion for real estate, Ariel brings a blend of sales expertise and entrepreneurial spirit to the team. An early riser, Ariel enjoys starting his day with a workout and a good coffee. When not working, you’ll find him at the cottage, enjoying summer days by the lake. Ariel’s favourite movie is “Home Alone,” and he loves indulging in a classic pork souvlaki dinner or his grandmother’s traditional schnitzel.

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We’re in the home stretch guys – This is it ….. Part 5!

What are the upfront costs when buying a house?

Congratulations! You’ve saved up your down payment to buy a house! Don’t forget, there are a lot of other expenses that come with purchasing a home too. Land transfer tax …  Lawyer’s Fees … Title Insurance … Disbursements … Appraisal Costs … Home Inspection etc… not to mention any work the house may require or, if you’re a first time buyer, plates, forks, knives, furniture, the list goes on! These are all costs that are associated with buying your home and you’ll also have a lot of expenses when it comes to actual home ownership. Let’s go over them together.


For first-time home buyers, when you’re setting up your account with your local utility companies, most of them will require a deposit. This is usually in the range of a few hundred dollars that they hold it for the first year as you prove yourself and your ability to pay your bills.  If all goes well in year one, they use those funds to pay for year two until the money is depleted.


If you’re unable to pay your friends with beer and pizza, you may have to hire a moving company. This additional cost can add up but if you’re a busy person and don’t feel like breaking your back, it’s worth every penny.


First-time buyers, beware! Budgeting is so important, especially for first-time buyers.  Buying your first home is exciting and you can easily get caught up in the moment as you shop for literally everything you need to live on your own.  From can openers and utensils to linens and furniture, the list is long and the price adds up.  Make a detailed list and get resourceful to find deals on things.

You’ll also want to have a reserve fund for emergency money when the unexpected happens such as a busted Air Conditioner, leaking water heater or broken window.


If you’re buying a pre-construction home, there are a lot of additional expenses many people don’t take into consideration. Fences, appliances, window coverings, air conditioner – It all adds up to be tens of thousands of dollars. Do your math and budget accordingly. Also, in addition to the advertised price tag of the pre-construction home, the builder will slap on a number of additional fees from municipal levy deposits, which often cost thousands, driveway paving fees, tree planting fees and hydro energization fees, to name a few.  Ask your Realtor or Builder representative about these before signing on the dotted line.

You made it! That’s Part 5/5 on our Insider Tips for First-Time Home Buyers and hope you found it helpful. If you did, like us on Facebook and follow us on Instagram!

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