BUYING A HOME
Finding the perfect home takes time. It takes lots of work and careful planning. Below are a few tips to help streamline the process.
Take the time to consider your requirements before starting your search.
LOCATION OF PREFERENCE
Where you live has an impact on your lifestyle and it’s also one of the most significant factors on the value of your home. Choice of location is sometimes limited by the price you can afford but it is still important to consider factors such as commute to work, schools, family, shopping and entertainment.
Receive a Pre-Approval from your Bank of choice. Consider how much you have to spend, and just as importantly, consider how much you want to spend. Note that purchasing a home includes numerous additional expenses above and beyond the list price.
FIND YOU HOME
One of our agents can help by using a variety of tools to identify properties that meet your requirements. One such tool is the local Board’s MLS® (Multiple Listing Service®) System. MLS can be searched for listings that best match your requirements such as location and budget. It is our pleasure to show you the available listings that fits your criteria.
MAKE AN OFFER
Now that you’ve found the house that you are set on, it’s time to make an offer. Not all offers are the same and here’s where your real estate agent comes in. They will help you with specific terms and conditions that will be specified in the offer like the price you want to pay, financing conditions, or other things like inclusions and exclusions.
CLOSING THE SALE
There will be closing costs associated with the sale that need to be paid either by or on the closing date. It can include mortgage application fees, land transfer tax, inspections, and legal fees. But once that’s taken care of, you get your new house.
Congrats, welcome to your new home! You’re all ready to move in!
FIRST TIME HOME BUYERS
Buying a house for the first time is a big and important decision in your life. As someone who represents you and looks out for your best interest, I would like to introduce you to the First-Time Home Buyers’ Tax Credit.
First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.
You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.