Buying your first home is an experience you only get once. It is a tremendously rewarding feeling giving you a sense of accomplishment. It can be stressful, nonetheless.
You can find yourself crying tears of joy and frustration all at the same time. There is so much information out there, you could spend hours upon hours reading articles and blog posts about the home buying process. It can get overwhelming. Here are just two things to consider before taking the plunge into homeownership.
When initially crunching numbers to ensure purchasing a house is going to be a reality, we often overlook closing costs. They generally range anywhere between 1.5% and 4% of the total value of your home.
Any type of closing or legal fee that has accumulated is typically due, that is payable, at the time when you complete the home purchasing transaction.
In addition, the home insurance must be set up before you can close on your home as well.
There are tax credits and incentives available for first time home buyers.
Eligible buyers may receive a tax credit up to $750. You can deduct some moving expenses on your income tax also. If you have a Registered Retirement Savings Account (RRSP), it is possible to withdraw $25,000 to put toward your mortgage. It is certainly a great option to be considered as the money is all pre-tax.
There are definite cost advantages to buying versus renting and we can help you make the switch. If you are thinking of buying your first home, please contact us. We will be happy to help you through the process and answer any question you may have. We can see if you qualify for a mortgage loan as well.
We partner with more than 50 banking institutions and can get you the best rate in the shortest amount of time.