First Time Home Buyers: What To Know
We have many first time buyers approaching us in purchasing property because of the interests rates currently being so low. We wanted to share with you some info on why it might be the right time for you to purchase your first home and what advantages you have as a first time home buyer.
If you are looking for your first home, it is best to work with a real estate team who is professional, experienced and most importantly dedicated to finding you the right home. We offer many incentive programs to help first time home buyers and are able to breakdown in simple terms the entire process start to finish. Buying real estate is a journey that is complex and that is why we are here to lend a hand on all the big and small details of the buying process.
Getting pre-approved: This is a great step so you know as a first time home buyer know what your budget is and how to understand your comfort level now that you will be paying a mortgage, bills, property taxes and of course all the other things that go with living expenses. We work with a team of mortgage brokers that can offer great interest rates and who can really explain all the money talk in detail.
First Time Home Buyer Rebate: The federal government passed a law in 2009, to create a first time home buyer tax credit. The First-Time Home Buyers’ Tax Credit (or HBTC for short) provides a tax break to those new to the homeownership club. For further details of what this credit entails let us know.
The Offer: We take you step by step through how the buying process works. We initially show you properties and when you find one you love, then the offer process begins. The offer process is not as simple as it sounds, we would deal with the sellers to come to agreed upon terms and it can be accepted first time, or can develop into a negotiation. We make sure your best interests are always represented and answer any questions you have about the offer, or counter offers. Upon Acceptance: You will give a deposit cheque to secure your agreement with the seller and book appointments with home inspectors, lawyers and even have to set up utilities. We help you every step of the way and make sure you have full understanding off all the steps prior to closing on your property. We even have an amazing app with 24 hour chatline to help you during this duration.
Closing: Once the waiting period is over, and all the miscellaneous paperwork are complete, we ensure that the keys to your new home are hand delivered to you. We are able to walk through your first home with you and celebrate how you became part of this journey.
Are you a first time home buyer? If so, reach out to our team and we would be happy to help you! www.LuvRealEstate.com
Photo Cred: The Toronto Star