First Time Home Buyer Tips for Saving Money!
First Timers - the first important thing you need to know about buying real estate is that the services of a professional Realtor® are FREE to you! Realtors® are paid by the Sellers, so make sure to get in touch with a professional today to discuss the many services that a Realtor® offers. Hiring a professional saves you time and most importantly, money!
If you are looking to break into the housing market, it is important that you are ready to act when the right house, at the right price, comes along. Affordable homes in desirable neighbourhoods sell quickly due to high demand in any market.
There are some fabulous first-time buyer incentives in the marketplace. To name a few:
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1. As of December 15, 2016, the BC Government is now offering interest-free loans for 5 years up to $37,500: |
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2. The RRSP usage as part of the Home Buyers Plan increased to $35,000 each ($70,000 for a couple!). |
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3. A First Timers Tax Credit of $750 - this is a Federal deduction you can claim on your next CRA income tax. |
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4. The First Time Buyer exemption from the B.C. Property Transfer Tax which could save you thousands!* *Please note - as of 2017, new regulations now allow first-timers to purchase homes up to $500,000, plus numerous other qualifications apply. Please view the link above for more details, as these are constantly changing. |
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5. First-time buyers can also access the Newly Built Homes Exemption, which can save buyers Property Transfer Tax when purchasing a newly constructed or subdivided home. |
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6. First Time Home Buyer Incentive - First time buyers can now partner with the Government of Canada to purchase their home. The Government will give the buyer 5-10% of the home's purchase price in exchange for a 5-10% equity stake in the home. The amount must be paid back the sooner of 25 years or when the house sells. |
There are many other incentives as well that if you can qualify, definitely go for it! Here is a full list of 22 BC Government Grants, Rebates and Tax Credits to help you in your first Vernon BC home purchase.
If you are looking to break into the housing market for the first time, it is important that you are ready to act when the right house comes along. Affordable homes, in desirable neighbourhoods tend to sell quickly due to high demand.
There are so many reasons for first-timers to buy now – and if you are a First Timer, make sure you hire a Realtor® to work on your behalf that is knowledgeable on all these programs, and that you trust to find you a fabulous deal.
Download our FREE booklet here on "Creative Ways to come up wtih money for your downpayment".
