Spring listings are starting to ramp up and the excitement of purchasing a home grows with the anticipation of all the houses that will soon be available on the market. If you are a first time homebuyer, are you ready? Have you been pre-approved? Do you have that minimum 5% down payment? If not, that should be your first priority before starting your search for your first home. Get yourself a certified Mortgage Agent and don`t settle, this is one of the biggest purchases of your life. You want everyone on the Home Buying Team you are building, to be team players.
Next step is to get yourself a reliable real estate agent that is going to work well FOR YOU. Don`t be afraid to interview them and ask the questions needed in order to make an informed decision with how you feel you will be best served. You do not need to go with your uncle Bobby`s, first cousin`s, son`s neighbor that is a real estate agent as a favor to uncle Bobby. You have to do what is best for YOU.
Have you looked in to the programs available to first time homebuyers in Ontario? There are quite a few out there to benefit you. Ontario First Time Home Buyers Program being one of them, the First Time Home Buyer`s Tax Credit where you and your spouse or common-law partner can claim a combined $10,000.00. At a 15% tax rate that can equal a one-time $1500 tax reduction. Talk to your income tax person. GST/HST Housing Rebate is available for those buying a newly built home or a home that requires extensive renovation. Your bank most likely has programs available such as an FHSA First Home Savings Account. RRSP`s etc. Do your research it is well worth the time and effort.
Have you researched all of the insurance companies for the best Home Insurance? You cannot buy a home without it; it is essential to obtaining a mortgage. Do your research, consider the value of the property you wish to purchase, your personal belongings and any potential risks the area may have i.e.: flooding, earthquakes. Shop around, once again, you do not need to do any favors for the uncle Bobby`s of the world. Do what is best for YOU.
Don`t forget to put some money aside for a home inspection on a home you have put an offer on. You want to make sure that the home is in good shape or if there are any problems, you will be ready to tackle them with ease or make the decision to walk away if they are too big to tackle. This is why it is so important to have a licensed real estate agent behind you. There are so many things to think about and you don`t want to miss anything that might benefit you in the long run.
Happy House Hunting!
