First Time Buyers

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Sanjeev Bansal
Broker of Record

RedBuyers Realty Brokerage

1. Pre-Qualification

Meet with a mortgage lender and see if you can get pre-qualified for a loan. You can also see how much you will be able to afford to pay for a home. Sellers will be much more responsive to serious buyers who are pre-qualified.

2. Know What you Want

Make a list of what you need and want in a home. This takes some careful thinking and planning. Once you know exactly what you are looking for in a home, your real estate agent will be able to begin searching for your dream home.

3. Get Professional Representation

Hiring a real estate professional will ensure that each step in the home buying process is as stress-free as possible. Your representative will be able to provide you with essential market information and recommendations on ideal properties that fit your criteria.

4. Be Objective

Often enough, first time buyers get emotional when purchasing their first home. It is important to keep an objective state of mind and think with your head, rather than your heart. Does this home really meet your requirements? With so many homes on the market, there is no need to make a hurried decision that you will regret in the future.

5. Home Inspection

Acquiring the services of a professional home inspector can save you thousands of dollars in the long-run. A home inspector will evaluate the home and reveal any repairs or damages that need to be fixed. Being aware of any structural damage to the home before closing will prevent you from being liable for any repairs in the future.

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.

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