| Kingston Condo Costs
The potential condominium owner should know how much that
needs to be set aside in order to purchase and comfortably
live in the condominium that is being considered. It is also
important to be aware of the costs that are incurred for each
of the units that are being considered so that it would be
possible to make comparisons.
Purchase Price:
For new construction, the purchase price may include:
- Unit sale price
- Upgrades (negotiable)
- Development charges
- PST on chattels (e.g. appliances) being purchased with
the unit
- GST on the sale price
- Utility hook-up fees
- Landscaping fees
- In some provinces, two months’ common expenses
to build the reserve fund
- Occupancy fees (from occupancy closing to title closing)
which may include: - Estimated common expenses based on
the disclosure statement budget - Estimated realty taxes
on the unit - Interest on the balance is due on closing
- Warranty program enrolment fees
Any costs over and above the basic unit purchase price should
be clearly outlined in the agreement of purchase and sale.
You should budget for these charges when you are considering
buying. At final closing you will be required to pay the following
costs:
- Remainder of purchase price
- Legal fees and disbursements
- PST and GST on extras or upgrades to unit finishes, equipment
and systems if not included in purchase price
- Provincial land transfer tax
Many of these additional costs do not apply to re-sale units,
since they were already paid and/or factored into the purchase
price.
Recurring Costs:
There are more expenses involved in owning a condominium
than just the purchase price. You need to include the following
in your budget:
- Monthly condominium fees or common expenses
- Property taxes
- Unit and contents insurance
- Mortgage payments
- Amenity fees, such as storage, pool, extra parking, etc.
if not included in the common expenses
- Utilities (if not included in common expenses)
- Telephone, cable and Internet access (if not included
in common expenses)
- A contingency for emergency repairs
- Maintenance costs associated with the upkeep of your
unit
Your Guide to Kingston Condos
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