First Time Buyers
DO I NEED A REALTOR RIGHT AWAY?
Consider yourself wise if you are in a Buyer Agency with a Realtor - this provides you the most protection and provision as a Consumer!
When you're shopping around for a new home, make sure that you are looking with a Realtor that
you feel comfortable with because you will be spending a lot of time together. Someone you can trust to equip you and guide you through the process, someone who welcomes your questions and someone who always seeks to represent your best interests!
Buying a house, whether it's your first or fifth, requires preparedness, patience and positivity!
If you have a good relationship with a financial institution or mortgage broker, you should visit them first to obtain a pre-approval. This will give us a realistic price range in which to conduct your search - keep your eye set on attainable goals! If you are not sure, connect with me first, and I will refer you to some mortgage specialists who I know can serve your needs the best! Your mortgage company should provide you friendly, professional and prompt service, excellent terms including prepayment options and portability; as well as competitive rates! Don't hesitate to ask, I am hear to help! We will help take the stress out of the 'stress test'!
Determine what you NEED versus what you WANT. This will help us focus on the key items; and we can factor the "wants" in later! It is important to be realistic with your budget and focus on things that you can't change as readily such as neighbourhood (school district/amenities/desirability), square footage and property size. It is important to look at several homes to help hone your expectations, familiarize yourself with room sizes and finishes and to compare 'big ticket' items such as mechanical systems and structure. I am hear to guide you every step along the way!
FIRST TIME OR FIRST TIME IN-A-WHILE
HOME BUYER INCENTIVES
Who Qualifies? Anyone who has not purchased a home within the last 4 years at time of purchase, and meets the criteria.
1) HOME BUYERS TAX CREDIT:
Receive up to $750 through Federal Income Tax
2) LAND TRANSFER TAX EXEMPTION:
This is a one time benefit only - your very first purchase!
Rebate of up to $4,000 which translates to ZERO Land Transfer Tax payable on a purchase up to $375,000!
3) RRSP WITHDRAWAL:
You can withdraw up to $35,000 from your RRSP savings to apply to the down payment of your home. Interest and penalty free, with 15 years to pay back to your RRSP.
4) SHARED EQUITY LOAN:
An interest-free loan administered from the Canadian Housing Mortgage Company. Up to 10% of purchase price on NEW construction; 5% for RESALE.
Repayable when you sell your home; calculated based on the share of your profit.
I have more information on all these items, please feel free to speak to me if you have any questions!