Drayton Valley Real Estate from Heather Malin
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HOME BUYERS (FIRST TIME & CONTINUAL)
Buying your first home is a big step. A home is usually the largest purchase you might ever make in your lifetime and you should not go into this blindly. Even though you have done your due diligence you may pay way too much for a home or buy a home with hidden problems creating a financial burden.
There are two things that a First-time homeowner should know that will save them money.
1). There is a tax relief of a maximum of $750.00 that you can apply for, and receive through your income tax return. This even works for non-first-time home buyers if they have not owned for 5 years. (Be sure to talk to your accountant for details.)
2). Hopefully you have been putting money aside in your RRSP’s. The Government’s House Buyer’s Plan has recently changed, and your can use up to $25,000 of your RRSP savings per person to help you with your down payment on your home. This is $50,000 for a couple! This money is not taxable when you withdraw it as long as you repay it within a 15yr. period. If you didn’t save RRSP money, there is still a way to use your down payment money. Put it into a RRSP to withdraw 90 days later. Again, be sure to talk to the professionals to be assured you do things correctly.
It is so important to use professionals in the purchase of your home. So many things can be missed or go wrong creating costs you had not budgeted for.
Firstly, get yourself pre-approved for a mortgage through your bank or mortgage broker. Don’t be afraid to ask questions. They are full of helpful information and will help get you the best plan that suits your needs. Being pre-approved is what Seller’s like to here. They are more excited working with clients that are pre-approved, and Realtors can use this in your favor.
Next time use a Real Estate professional. They are the expert on the market. They will guide you through finding the right home for you, assist in getting the best possible price with the least amount of stress. This should be a rewarding experience for you and a good realtor will make this happen for you.
It is Always good to have a home inspection done. Inspectors don’t pass or fail a home. They go through a home thoroughly and let you know of any issues big or small. It is important as a Buyer to be there for that inspection. It is a great way to find out about your home and there is always some maintenance tips that are passed onto you. Inspectors also give you ideas of things to watch for as your home ages. Again, it is important to hire a licensed and insured Inspector. It is not the best idea to just have a knowledgeable friend go through the house with you.
Insurance is so important when it comes to getting your most expensive asset covered against loss or damage. Having your insurance in place will avoid delay with getting your home on possession as the bank will not release money without proof of insurance.
Lastly, if you end up having the move to another location for purpose of work, keep in mind you can write off your moving expenses on your taxes and the cost of selling your home! Again, talk to your accountant.
JUST REMEMBER THE PROFESSIONALS WILL MAKE YOUR PURCHASE A BREEZE IF YOU PUT YOUR TRUST IN THEM AND ASK LOTS OF QUESTIONS. THEY ARE FULL OF KNOWLEDGE. THEY HAVE TRAINED FOR THIS TIME THAT THEY WILL SPEND WITH YOU. AFTER ALL YOU WOULD NEVER GO TO A MECHANIC TO GET HELP WITH A MEDICAL PROBLEM YOU HAVE, AND YOU WOULD NEVER GO TO A DOCTOR TO GET ADVICE ON HOW TO FIX YOUR CAR.
Nearest Town: Seba Beach
Nearest Town: Drayton Valley
Love Dealing with Heather!Laurie & Shelly Jun 20, 2012
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