Advice for Buyers
How To Start
Ask yourselves these questions:
- Is the home for one or two people and do you plan to have children?
- Do you want to do maintenance, repairs, gardening or do you want to live somewhere with less maintenance
- Some lower maintenance choices
- Condo Townhouse, townhouse
- Small yard
- Are you willing to paint and freshen up the purchase now and schedule larger maintenance or upgrades for later?
- What community would be best for the family – schools, parks, shops and recreation services.
What are the financial considerations
What should you consider about finances:
- Would a budget be helpful?
- How much should you spend on luxuries?
- How much should you save per week, per month? Is that realistic and how would you accomplish this?
- For buying, can you set a hard limit on how much to spend
- Be careful not to over-extend yourself
- What about a Financial Planner, would that be helpful?
- If finances are limited are you willing to compromise:
- A higher density housing type
- Consider a pre-construction home. For this choice you will need to wait a cerrtain amount of time
- Include a rental unit - an income apartment
- Defer some maintenance decisions
What financial tools can you use?
Here are some suggestions:
- Use a First Home Savings Account (FHSA) to save for your first home, tax free.
- Also use a Home Buyers Plan (HBP) to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less ($70,000 for a couple).
- Also make use of any Tax Free Savings Accounts (TFSA).
- Get a pre-approved mortgage from your bank or financial institution. This gives you:
- The price that you can afford
- At least three months of protection from any interest rate increases.
- Honour your choices and be passionate about their commitment to you and your satisfaction.
- The Suzanne Senst Property Group will provide you with valuable real estate experience that will assist you in making your choices.
- Your relationship with them will exceed all your expectations!
- Outline your needs, goals and desires
- Prepare a Financial Plan
- Be Realistic
- Consider Compromises
- Use First Home Savings Accounts
- Also use Home Buyers Plans
- Meet with your financial advisor Get a pre-approved mortgage Consult with the Suzanne Senst Property Group of Real Estate experts.