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Tips for First Time Home Buyer

 

 

Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose an Expert. 

 

Need more room for your new baby? Noisy neighbors? Want a better living environment? Sick of living with mom and dad? Whatever your reason for wanting your new home, we are ready to help you. Buying a home is a big step, and it may massively change your and your families' lives. As a top Windsor/Essex real estate team, we will help you and guide you, from beginning to end. 

 

Together, we will consider: 

 

- The price range that is suitable to you

- Your dream house's criteria

- Mortgage options

- Down payment amount

- Tax advantages of buying a new home

- etc.

 

 

If you are first time home buyers, you may be qualified for Home Buyers' Plan (HBP). 

 

 

The HBP is a program that allows you to withdraw up to $20,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home. 

 

The federal Home Buyers Plan was originally promoted by REALTORS® as a way the federal government could support home ownership. The plan was launched in 1992, and since then more than 700,000 homes have been purchased by first time home buyers using their RRSP investments. Under terms of the Home Buyers Plan (sometimes known as the RRSP program) participants in a home buying agreement can borrow up to $20,000 from their RRSP to use in the purchase of a principle residence in Canada. Because there are usually two participants involved in the purchase of each home, there can be a maximum of $40,000 available from individual RRSPs that can be used. If one spouse or partner has owned a home, but not the other, then the previous owner would not qualify and only one could apply for the Home Buyers Plan. Individuals have 15 years to repay the RRSP withdrawal without penalty. This means 1/15th of what's borrowed is due each year, over a 15-year span (for example on a $7,500 withdrawal, that's $500 annually). Repayments can start sooner, and penalty-free prepayments are also allowed.  

 

Ask us today for more information.   There are no dumb questions!

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