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First Time Home Buyers Guide

Home Buyer Survey

To help understand your unique buying experience please answer this home buyer survey: Click Here

Pride of Home Ownership

Pride of home ownership is the number one reason why Canadians desire their own home.

  • You will have full control of your property and there will be no landlord looking over your shoulder.
  • Not having to pay monthly rent payments.
  • You will be able to make any home improvements you desire. This will benefit you by any appreciation that results.
  • It gives you a sense of stability and security.

Appreciation

Over the past few years, homes have appreciated considerably and have added to owners’ net worth.

  • Unlike stocks and bonds, you can enjoy living in your real estate investment.
  • Your principle residence is exempt from any capital gains taxes.

 

Building Equity

Each month, part of your monthly payment is applied to the principle balance of your home loan. This eventually builds a large equity base where you can borrow against your home equity for a variety of reasons:

  • Home Improvements
  • Children’s Tuition
  • Starting a New Business

 

Are You Ready To Buy A Home?

Do you have the financial resources?

  • A good starting point is to have 5% of the purchase price of a home.
  • Think about any other priorities in your life that would interfere or would require your savings.

Do you expect to stay in your home for a long time?

  • Moving can be expensive, it’s important to build some equity first.
  • Always have a game plan – Your job and home life should be stable.

 

What Can You Afford?

Go through the mortgage pre-qualification process.

  • You will find out how much of a mortgage you will qualify for.
  • Mortgage rates can vary considerably, therefore, it is important that you shop around for the best rate, terms, and options.

First-time homebuyers may take advantage of the governments Home Buyer’s Plan, where you can withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSPs) to buy or build a qualifying home for yourself.  Call us and find out more information and how it could benefit you!

 

Questions to Ask When Assessing Home Features:

Think about your short and long-term goals.

  • How many bedrooms and bathrooms will you need?
  • Needing a home office?
  • Do you want a garage, fireplace, and swimming pool?
  • Downtown or suburbs?
  • Do you need a large backyard? (Kids/pets)
  • What service providers are in the area?
  • How much are the annual property taxes?
  • How much are utilities each month?
  • Have there been any major repairs to the house?
  • Any problems with insects?
  • Etc.