When buying Real Estate, it is important to take into consideration the additional costs of the transaction other than the purchase price itself. So many times I have buyer clients looking to purchase real estate in Toronto yet they forget about all the additional costs that go along with the purchase. Put aside some additional cash for the following one time expenses:1) Lawyer fees – Your lawyer will charge you for the closing fees and title insurance if you elect to purchase it.2) Adjustments – Depending on what is in the agreement of purchase and sale you may have to pay for property tax, hot water tank adjustments etc.3) Land Transfer Tax Fees- Buyers of real estate in Toronto must pay the Toronto Land transfer tax and the Ontario Land transfer tax (for purchases only). If you are a first time buyer, you will get a break on the tax.4) Moving expenses – Don’t forget about the costs of hiring movers and a moving truck, and if you are moving into a condo then you may have to pay a fee for booking the condo elevator.5) Services such as the TV, Phone, Internet must be set up.6) Home insurance Once the transaction has been completed, there are other expenses to consider as well.On top of your every day living expenses budget for the following:1) Monthly mortgage payments2) Annual property tax3) Monthly maintenance fees – monthly common expense plus reserve fund4) Utilities – Don’t forget about the monthly water, heat, hydro and central air bills. Some condos cover all or a portion of these.