Buying your first home involves more than just the purchase price; closing costs are significant additional expenses. These costs typically range from 2% to 4% of the home's price and include land transfer taxes, legal fees, title insurance, home inspection fees, appraisal fees, adjustment costs, and moving expenses. First-time buyers should budget accordingly, considering potential rebates and comparing service prices. It's advisable to save early and consult with a mortgage broker for a clearer estimate of closing costs.
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