Are You Ready For Home Ownership?
Owning a home should be a happy and satisfying experience. Ensuring that you are financially and mentally prepared for the responsibilities that come with it, will help you to realize your dream.
Get All the Listings
New homes for sale hit the real estate market daily. I will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public. Often, buyers can put in offers with little or no competition and walk away with an impressive deal on the property of their choice. I will save you valuable time by making sure you only see properties that meet your needs and investment preferences.
As you compare the best deals, I will provide you with important information about the home, its neighborhood, zoning issues, utilities, and nearby plans for development.
Questions for Prospective Homeowners
Are you ready to buy?
Owning your own home is an exciting prospect. It's also about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's important to understand the risks of home ownership with a realistic expectation of the rewards.
How much can you afford?
To make the process toward home ownership an enjoyable experience, it's recommended that you know in advance, what you can afford, thus, setting yourself up for success. By knowing what price range you qualify for, we will be able to show you the best properties, in your preferred neighbourhoods, that fit your budget. Your debt-to-income ratio can be a valuable number -- some say as important as your credit score. It's exactly what it sounds: the amount of debt you have as compared to your overall income. Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low debt to income ratio shows you have a good balance between debt and income. As you might guess, lenders like this number to be low -- generally you'll want to keep it below 40, but the lower it is, the greater the chance you will be able to get the loans or credit you seek. Personal credit ratings, relationships with lenders and size of down payment will also have an affect on the price range a lender advises is best for you.
What do you want?
Freehold, Leasehold, Strata, Bareland Strata.....Do you like the idea of doing your own gardening? Do you feel more comfortable in a high density area? Do you prefer to have full control of maintenance schedules? The answers to these questions can help you narrow down the search for the right type of property for you. We are happy to discuss the different types of property ownership with you. Sign Up to have me set you up with a complimentary Personal Client Services (PCS) account which will automatically send you all properties that match your set criteria, saving you from having to surf multiple websites.
You need a good agent who will work hard for you. Our real estate folks are dedicated to helping you find the right home, at the best price. I want you to find the home that will make you happy and successful in real estate ownership. With Kelowna Property For Sale, you get a full team of professionals who will take care of the research, give you expert advice and guide you through the entire buying process so that you can make informed worry-free decisions. From the first interview that determines your requirements to the moment that you receive the keys, I can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how I can make the home buying process easier!
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. We can go over the pros and cons of each home. I can help you stay on track while still keeping our eyes out for a great property.
Engage the services of professionals. The Kelowna Property For Sale team can connect you with professionals who suit your needs and personality and who are needed to make informed decisions about the responsibilities of a mortgage, taxes and home maintenance. Hiring brokers, inspectors, lawyers and appraisers that understand the nuances particular to your desired property can potentially save you thousands of dollars. I have a powerful talent that lies in knowing how to, through inspiration and passion, attract and orchestrate the right people needed to successfully complete the transaction. Many real estate transactions include an extensive negotiating process. I have a proven track record as a Top Tier Realtor who will represent you and get you the best deal possible. I and the team of professionals alongside me, will make sure any and all agreed-upon terms and conditions are carried out and will handle the paperwork related to the sale. Our aim is to provide you with a seamless service package that you will want to recommend to others. I am growing my reputation through hard work, client advocacy and sound research with an unwavering dedication to real estate.
Government Programs for First-Time Home Buyers.
The Government of Canada offers a number of programs for first-time home buyers that help home buyers save on the purchase of their first home. From tax-credits to down-payment plans, to even receiving a lump-sum payment for first-time buyers, there are a wealth of programs available to save the first-time buyer money on their first home.
Many of my first-time buyer clients ask me about government tax credits and programs that can help with the financial burden of buying their first home.
First-Time Home Buyers Tax Credit (HBTC)
The Canadian government offers a First-Time Home Buyers Tax Credit for qualifying buyers and qualifying homes. You can claim up to $5000 against your income to a maximum refund of $750 if you and/or your spouse bought a qualifying home. In order to qualify as a first-time buyer neither you nor your spouse could have owned a home in the current year or the four years preceding the current year. In the case of a person who has a disability, if the home helps the person live in a better environment suited to their needs and care, they also qualify, even if they owned a home in the current year or the four years preceding. The same applies to anyone buying a home for a disabled relative. A qualifying home for first-time buyers can be an existing or new home (detached, townhome or semi-detached), condo, apartment, or co-op in Canada as long as it is in the first-time buyers (or their spouse’s) name. Either or both of the spouses can claim the tax credit and even if you buy with qualifying friends, you can divide the claim, to a total of $5000.
If you are a first-time buyer or looking to purchase a home for a disabled relative, you can check out the Canada Revenue Agency’s HBTC website.
Home Buyers Plan (HBP)
If you’ve been busy squirreling money away in your RRSP and are thinking about making a home or condo purchase, as a first-time buyer this is a great program to use to your advantage.You can withdraw up to $25,000 per person from your RRSP’s tax-free when you purchase your first-home. Or a total of $50,000 per couple
A great solution if you have the money is to put the money into your RRSP and get all the tax benefits of the contribution and then withdraw it after 90 days for the down payment.
For more information take a look at the Canada Revenue Agency’s website.
Contact us for more information about first time home purchasing.