If you’re buying your first home it can be stressful, exciting and every emotion in-between. Here are a few tips and tricks to help you with the biggest purchase of your life!
1. Make sure you’re not over extending yourself. Nobody wants to be mortgage broke. If you’ve scrounged, penny pinched and saved for your big purchase and think all you need to pay is your mortgage be very cautious. Knowing your monthly budget is a must! Make sure you budget in your monthly expenses things like taxes, insurance, utilities, cable, Internet on top of your mortgage payment. You should also try to set aside a little every month in case you have an unexpected event like a furnace breakdown or an electrical issue if you aren’t handy around the house.
2. Use you’re first time home buyer tax credits. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief. An individual is considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. – See more at: http://actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit#sthash.w5o6hwJ9.dpuf
3. Consider foreclosures when looking at potential houses. Foreclosed houses come with HUGE discounts but you’ll need to act fast and know what you’re looking for. Use bidformylisting to find an agent that specializes in foreclosures to help but make sure that you get a pre-approval from a bank first (your perfect agent will be able to help you out)
4. Save yourself some money on insurance. When insurance companies take a look at your house to insure they need to know a few things. Upgrades to the house like wiring and newer furnaces will give you a break in the rates. Also, if cash is tight you can opt for a higher deductible. This will lower your monthly costs but in the case on an incident will be costly. Lastly, make sure if you have anything else like a car, boat or RV insured that you check with that company for your house insurance. Many companies give multiple policy discounts and the savings can be huge!
5. Finally, if you don’t know something or have questions about any portion of your buying or selling process ask a professional! The last thing you want to do is make an uninformed decision with the biggest purchase of your life. There is tons of knowledge in all the users here who are more than happy to help out.
Leave comments with your tips and tricks below for everyone else!