First Time Home Buyers Rebate 2017

What would you spend your $4000 on?

First-time home buyers are now eligible to get $4,000 off the Canadian dream.

Effective January 1st, 2017, Ontario has doubled the land transfer tax rebate for first-time home buyers from $2,000 to $4,000. That means that a first-time home buyer will pay no provincial tax on homes sold for $368,000 or less.  This is great news for first time home buyers.  More information about the rebate can be found here or contact me and I would be happy to discuss it.

The First Time Home Buyers rebate sounds like a great bonus, but making a purchase for your largest asset still needs great consideration and thought.  When it comes to the hard decisions, rely on a professional real estate agent with years of active experience.  Here are some tips to those who are making their first real estate purchase.

Pre-Approval is Important
Before dreaming too big, you need to be realistic and get your financial outlook in order.  Speak with a reputable Mortgage Broker or Financial Institution to go over your qualifying numbers and loan amounts.  Don’t forget also when you are doing your budget to include taxes, insurance, utilities, furniture and of course your closing costs!

Make a List of What you Want
Taking the time to sit and make a list of the items you are looking for in a property is important.  Deciding on the basics such as neighbourhood, number of bedrooms and bathrooms is important.  Something else that is important is whether you need things like a garage, office space, basement for storage or finished space.  These are all things to consider and prioritize.

Make the Right Offer
A good Realtor will go over comparables in the neighbourhood or be able to discuss with you an appropriate value or asking price for a home.  The housing market we are in right now, homes are priced competitively and do not last long on the market.  Being informed of the process and details on a house is critical.  My priority is looking out for your best interests so will do my best to ensure you are paying fair market value.

Get a Home Inspection
First Time Home Buyers need to be informed in all areas of the home they are purchasing.  A good Home Inspector will review the items on the list with the buyer and typically goes over what items are a priority while some can be done over time.  This is important to factor into the maintenance and budgeting for your home.  Often times if something is of concern from a home inspection, it’s a negotiating point to help make the fix and yet not hurt your finances.

Take Care of Your First Home
Once the deal is closed and you have the keys you can settle in to your new home.  But the adventure is just starting.  Make sure you tackle any items on the Home Inspection report and maintain the property to keep it in good working order.  Another great tip I always tell my clients is start saving now for your future renovations or unexpected costs.  This will give you peace of mind when emergencies arise.

Work with a Realtor you Trust
It’s an important decision to buy your first home and you want to feel like you have someone in your corner to negotiate, advise and support you through the process.  Find a local realtor that is professional, experienced and active in the local community.

Whether or not you are a first time home buyer or just looking to buy or sell, I am always happy to discuss with you my experience, and how I can help.  I have helped clients all over southwestern Ontario buy and sell for over 30 years now.  I would be happy to direct you to any of my previous clients for their feedback if you would like references.  I hope you will give me the opportunity to work with you and put my proven experience to work for you.