Tips For First Time Home Buyers

For the first time home buyer in Alberta, your home is the biggest investment of your life. You should have a lot of questions, and you should demand a lot of answers

Before you start hunting, ask yourself these five questions:

1. Am I financially stable?

2. Do I have the financial discipline to manage a large purchase?

3. Am I prepared for the costs and responsibilities of homeownership?

4. Can I spend time on home maintenance?

5. Am I a newcomer to Canada?

If the answer to the last question is Yes, you may want to consult several other specialized resources. If the answer to the other four questions is yes, then keep going.

Assemble Your Squad

This includes, in no order:

1. a mortgage broker 2. a real estate agent 3. a real estate lawyer

Manage Your Mortgage

Enter: a mortgage. Work with mortgage broker to know what you qualify for. (there are some few selected brokers that can assist you with % 100 Financing)

Before you dive in, keep these tips in mind:

• Consider a mortgage less than the maximum you can afford

• Evaluate the impact of a rising interest rate on your monthly payments

And when you're getting a mortgage, remember it's always better to pay it off faster if you can. Throw a bit of extra money here and there every month if your budget allows. The extra effort gives you a certain financial cushion in case of unforeseen events.

Find the Home that Works for You

But remember you don't just want to consider what you want or need right now. You need to consider what you'll want and need in five, ten, or fifteen years. It is advisable to work with an experience realtor for an advice in making informed and intelligible directions about your real estate needs.

For example, you need to consider the neighborhood. What is it like? How big is it? Where is it located relative to your job (or the area you're likely to work over the next several years)?

Also, consider the size and type of the home and property. Is it a condo? A split level? A row of houses. If you're considering a family, will this property and house be enough space for all of you?

On the topic of families, you'll need to consider whether this home is adaptable to any lifestyle changes you can foresee in the future.

Work with your budget. A lot of people want a bigger house with a higher price, way beyond their budget and amount qualify for.

First Time Home Buyer Incentive Program

You may qualify for a 1st time home buyer rebate for a house under $400,000

(CMHC) CANADIAN MORTGAGE AND HOUSING CORPORATION

First Time Home Buyer RRSP.

As a first-time home buyer, you can take up to $25,000 from RRSP toward your first house purchase, couples can take up to $50,000, at a time toward their first home purchase. $25,000, each.