If you’re planning on moving homes in 2025 and haven’t done so in a while, there’s a lot to consider. The real estate process has evolved, and there are several key steps and costs you need to prepare for. Here’s a rundown of what to expect when moving into your new home in the Shuswap area.
1. Property Transfer Tax
One of the first costs to be aware of is the property transfer tax. This tax is payable to the provincial government when you buy a home, and it’s based on the purchase price of your property. In BC, the rate is 1% on the first $200,000, 2% on the portion between $200,000 and $2,000,000, and 3% on anything above that. You may have been exempt on your last purchase as a first time home buyer, so be sure to budget for this expense, as it can add up quickly, especially in a higher-priced market.
2. Lawyer or Notary Fees
You’ll need the services of a lawyer or notary to help with closing your real estate sale. Their job is to ensure all the legal paperwork is completed properly and to handle the transfer of ownership. Fees can vary, but you should expect to pay anywhere between $500 and $1,500, depending on the complexity of the deal.
3. Mortgage Porting or Application
If you already have a mortgage and you’re happy with your lender’s terms, you may be able to port your current mortgage to your new property. This can save you the hassle of applying for a new mortgage, but it’s not always an option depending on your circumstances. If porting isn't possible, you'll need to go through the full process of applying for a new mortgage—make sure you have all your financial documents in order well ahead of time to avoid delays.
4. Moving Tips
Once everything is sorted out financially, it’s time to start thinking about the move itself. Packing early is key, and consider hiring professional movers to make the process smoother. Don’t forget to change your address with the post office, utilities, and any other important services. A detailed checklist will help ensure you don’t miss anything during this busy time.
5. Home Insurance
Before you finalize the purchase, make sure you have adequate home insurance in place. It’s crucial to protect your new home from unforeseen events, especially during the transition period.
Moving can be overwhelming, but with careful planning and the right team behind you, the process can be much smoother. Whether you’re moving locally in the Shuswap or relocating from further away, make sure you’re prepared for the road ahead!
𝙎𝙝𝙖𝙣𝙩𝙯 𝙍𝙚𝙖𝙡 𝙀𝙨𝙩𝙖𝙩𝙚 𝙂𝙧𝙤𝙪𝙥
RE/MAX Shuswap
📞 250.833.2184
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