After you've estimated your mortgage payment and other ongoing costs for carrying your first home, you'll also need to consider the one-time expenses associated with the purchase of a property. This includes your closing costs, as well as your moving expenses.

No Set Rules

Be aware that there is no set rule for whats included in closing costs, or how they're calculated. Closing costs can vary significantly from one Hanover property to another, but may include:

  1. home inspection fees,
  2. appraisal fees,
  3. title search,
  4. survey costs,
  5. home insurance and
  6. lawyers fees.

Some of these costs may be shared with the seller, while others are payable by the buyer only. Marlene Voisin can give you helpful advice about specifying a cost-sharing agreement for some of these related costs within your offer to purchase.

Hanover Real Estate Buyers will also be required to reimburse the seller for a proportionate share of specific housing expenses that have been pre-paid by the seller and continue after your closing date. These pre-paid expenses usually include: property taxes and utilities, and the amount is typically equivalent to only a few months service. Your real estate lawyer will give you an exact accounting of these expenses upon closing, so be sure to discuss this with your lawyer in advance, so you will have sufficient funds available to cover these closing costs at that time. After these one-time adjustments are made, and the transfer of ownership is completed, you will pay for such expenses directly in future.

Relocation Expenses

In addition, you will also have to budget for your relocation costs. This could include such costs as a moving company truck and labor, packing charges, boxes and wrapping materials, or rental of a vehicle or trailer if you're doing all or part of the move on your own. There can be a wide variation of costs for these types of services, so you should start planning well in advance, and obtain comparative quotes from more than one Hanover moving company. Get the quotes in writing and ensure that all the required equipment, staffing and materials are documented. Ask the provider to specify what charges may apply if your move does not proceed on schedule. Be sure to read all the fine print carefully, so you understand upfront what other charges, such as waiting time, or a late return charge you might incur that are not planned for in the initial quote.