Wiggins Group Real Estate Blog

Budgeting for a home is not just about the down payment and the monthly mortgage payment. There are several one-time costs and a few ongoing expenses that can catch buyers off guard, especially around closing day.

This guide breaks down the most common costs buyers in Langley and the Fraser Valley should plan for. Some will apply to nearly every purchase, while others depend on the property type and your financing.

The most common one-time costs before closing

1) Deposit with your offer

When you write an offer, you will usually include a deposit. This shows good faith and is held in trust, then applied toward your purchase on completion.

Tip: Your deposit amount and timing can affect how competitive your offer looks.

2) Home inspection

A standard home inspection helps identify issues before you commit. For condos and townhomes, this can be paired with a careful review of strata documents.

3) Appraisal fee

Some lenders require an appraisal to confirm the home’s value for financing. If required, it is typically paid by the buyer.

4) Survey or title related documents

Depending on the property and lender requirements, you may need documents such as a survey, plot plan, or other title-related information. If a new survey is required, it is an additional cost.

5) Mortgage setup costs

Some lenders have fees connected to:

• mortgage application or setup

• interest rate holds

• broker arrangements

Many lenders do not charge an application fee, but it is worth confirming early so you are not surprised.

Taxes and government fees

6) GST on new homes

GST usually applies to new construction or certain substantially renovated homes. Resale homes typically do not have GST.

7) Property Transfer Tax in BC

Property Transfer Tax can be a major closing cost. Some first-time buyers may qualify for an exemption or reduced amount depending on eligibility and purchase price.

If you are a first-time buyer, it is worth checking eligibility early so you can plan accurately.

Legal and insurance costs

8) Legal fees and disbursements

Most buyers use a notary or lawyer to complete the transaction. Costs vary based on complexity, location, and the specific professional.

9) Home insurance

Home insurance is required by lenders for most financed purchases. If you are buying a strata property, you will still need personal coverage even though the building has its own insurance.

Moving and setup costs

10) Moving expenses

This can include:

• movers or truck rental

• packing supplies

• storage

• time off work

• cleaning

11) Utility and service connection fees

Some services charge installation or hookup fees, such as:

• internet

• cable

• security systems

• utilities in some cases

Closing-day adjustments that surprise buyers

12) Interest adjustments

Depending on your mortgage start date and completion date, there may be interest adjustments at closing.

13) Property tax and utility adjustments

On completion, you and the seller settle prorated amounts such as:

• property taxes

• strata fees, if applicable

• utilities, depending on the property

These are normal, but they can add to the closing amount you need.

Costs after you move in

14) Immediate updates and small renovations

Many buyers plan to paint, replace flooring, or update fixtures before settling in. Even small upgrades add up quickly, so it helps to budget a “first month” fund.

Ongoing monthly costs to remember

Strata fees for condos and townhomes

Strata fees usually cover common area maintenance and can include items like:

• building insurance

• garbage pickup

• landscaping

• reserve fund contributions

Strata fees vary a lot, so you want to understand what is included and how healthy the strata is before committing.

A simple budgeting rule of thumb

Many buyers find it helpful to budget a separate “closing and setup” fund in addition to the down payment. The exact amount depends on your purchase, but having a buffer reduces stress and protects you from surprises.

Want a clear cost estimate for your situation?

If you are buying in Langley or the Fraser Valley, we can help you build a realistic budget based on your price range, property type, and whether you may qualify for first-time buyer programs.

Wiggins Group Real Estate are local REALTORS® based in Langley, serving the Fraser Valley. We help buyers plan clearly so the process feels calm and predictable.

Call or text:  Denise 604-880-5603  Ian 604-897-2514
Email: info@wigginsgroup.ca

There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer. Concentrate on the following areas to help you determine an offer price:

Comparable Sales

• Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.

• The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your REALTOR®, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

• Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?

• Look at structural condition: walls, ceilings, windows, floors, doors.

• Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.

• Also check the fixtures: light switches, doorknobs, drawer handles, etc.

• What is the condition of the front and back yards?

Home Improvements

• Cosmetic changes can be largely ignored, but any major improvements should be taken into account.

• Take special note of: room additions (especially bedrooms and bathrooms).

• Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your REALTOR® can offer you guidance in these matters.

• Also check the fixtures: light switches, doorknobs, drawer handles, etc.

• What is the condition of the front and back yards?

Market Conditions

Seller’s Market

• A seller’s market is considered a “hot” market. It happens when demand exceeds supply—more buyers than available homes.

• Homes typically sell quickly, with multiple offers.

• Many homes sell above the asking price.

Buyer’s Market

• Occurs when supply is greater than demand—more homes than buyers.

• Homes may stay on the market longer, with fewer and less frequent offers.

• Prices may decline, and buyers have more flexibility to negotiate lower prices.

• Sellers are more likely to respond with counter-offers if initial offers are low.

Balanced Market

• Supply and demand are roughly equal.

• Prices remain stable, and homes sell within a reasonable timeframe.

• Buyers have several options, and sellers may or may not face competition for offers.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper, lower, or middle limit of that range.

Keep in mind, this price should be one you’d be satisfied with once all negotiations are complete. The price you decide to begin with depends on your particular style of negotiation. Most buyers start negotiations with an offer lower than the “fair” price they’ve determined.

Each homebuyer has different ideas of what will constitute the ideal home for them, these notions often based on particular aesthetic preferences. But one thing that unites all potential homebuyers is the desire to find a home that is fundamentally sound—in areas beyond the immediate sweep of the eye—and that will provide a safe, comfortable, and efficient foundation for their life behind a new door.

This is where the services of a home inspector come in. During a home inspection, at least 30 areas of the home are placed under the home inspector’s “microscope.” We’ve compiled the ten most common weaknesses uncovered in a typical home inspection. If not addressed, these problems could cost you thousands of dollars in the long-run. So, knowing what to look for, and performing your own thorough pre-inspection, will help you to identify areas for repair or improvement before they grow into costly problems.

1. Damp Basement

• A mildew odour, which is difficult to mask, is often the first sign.

• Inspectors look for whitish mineral deposits on walls and judge whether items can safely be stored on the floor.

• Repairs may cost from $200 to $15,000.

2. Poorly Installed / Defective Plumbing

• Common in older homes.

• Inspectors test for leaks, clogging, and water pressure (e.g., faucets and toilet flush test).

• Dirty water on first use may signal rusted pipes.

3. Older / Poorly-Functioning Heating and Cooling Systems

• Inspectors assess the age and condition of systems.

• Cracked heat exchangers in forced air gas systems can leak carbon monoxide and must be replaced.

• Replacements improve efficiency and reduce energy bills.

4. Older / Unsafe Electrical System

• May include undersized service, aluminum or knob-and-tube wiring, or poor renovations.

• Over-fused circuits create fire hazards.

• Upgrading to a circuit panel costs several hundred dollars.

5. Older / Leaking Roof

• Asphalt roofs typically last 15–20 years.

• Leaks may indicate shingle deterioration or storm damage.

• Inspectors check how many layers of shingles exist before recommending full removal and replacement.

6. Minor Structural Problems

• Includes cracked plaster or slight foundation shifts.

• Common in older homes and should be addressed early to prevent escalation.

7. Poor Ventilation

• Bathrooms and kitchens without vents promote mold and fungus.

• Poor air quality can trigger allergies and damage surfaces.

• These issues should be fixed before permanent harm occurs.

8. Air Leakage

• Drafts may be caused by poor seals, old caulking, or worn weather strips.

• These are usually inexpensive and easy to fix.

9. Security Features

• Inspectors evaluate locks, smoke detectors, and carbon monoxide detectors.

• Missing or outdated security features should be updated for safety.

10. Drainage / Grading Problems

• The most common issue found by inspectors.

• Causes basement dampness and mildew.

• Solutions include new gutters, downspouts, or lawn re-grading to divert water from the home.

Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative. Use the following list of questions as a guide to finding the agent that is right for you:

1. How long have you been involved in residential real estate in this area?

If the agent hasn’t been connected to the residential real estate market for several years, s/he will be out of touch with the cyclical nature of the current market. Your REALTOR® must be familiar with trends of the local market and have an eye for the ways in which it will change. This knowledge could mean the difference of thousands of dollars in the long-run.

2. What is your marketing strategy for my home?

A REALTOR® should be able to lay out for you, in detail, a marketing plan to sell your home. Examine this plan carefully. How much money does the REALTOR® allot to advertising? What type of media does s/he use? S/he should be able to demonstrate the effectiveness of one form of media over another, explaining why his/her particular marketing strategy will sell your home faster and for top dollar. The REALTOR® should employ current, innovative marketing techniques that indicate creativity and a willingness to market outside of the box. Stay away from REALTORS® who rely on traditional, dated forms of advertising. They simply won’t work in the current real estate market.

3. How do you support a buyer throughout the process?

A REALTOR® should be able to indicate how s/he will support you through each step of the home-buying or selling process, offering you a unique system to suit your needs and goals. Also, ask if a specialist will be available at each level of the sale. Your REALTOR® should always be on hand to answer questions, but the specific resources of an expert can be invaluable during different stages of the process.

4. What other properties has your company sold in my area?

The REALTOR® should be able to provide you with a complete, detailed listing of their own sales in your area, as well as other comparable sales. You should get a clear idea of what you might be able to expect both from the REALTOR® and from the current market.

5. What is your experience with financing options? How would you suggest I approach my own financing plan?

Each buyer requires a different financing strategy. A REALTOR® should be able to suggest a plan catered specifically to your financial background and needs. Don’t just depend on your lender for information and guidance on financing a new home. Let your agent lead the way.

6. On average, how close is the selling price of your listings to their asking price, and how long do they take to sell?

You can contact the Real Estate Board to obtain information on the selling record of an agent. The Board also has statistics on a broader scale, so you can see whether an agent’s selling performance is higher or lower than the board average, and whether s/he tends to sell faster or slower than the board average. Placing the REALTOR®’s performance on a scale will help you get an idea of how much you might expect your home to sell for, and how long it might take to sell.

7. What is your philosophy/method of negotiation and how will you apply it when selling my home?

Your REALTOR® should be able to articulate effective and informed negotiation tactics that demonstrate a commitment to securing the best price for you.

8. Do you have a reference list of clients I could contact?

Do some homework! Choose a few names on the list and call them. The stories of others who have gone through the home-selling process can be a valuable source of information.