1. Determine how much you can afford
This should be first thing you should do. Talk to mortgage professional such as Mortgage Broker and check how much you can afford.
2. Prepare a Budget – Do not forget about the closing costs
There are some closing costs involved such as property transfer tax, lawyer’s fees, moving fee etc. The cost would vary and will depend on the purchase price.
3. Tax Credits
Talk to your accountant about tax credits. Fortunately, there are some tax credit available for first time-home buyers. Also talk to your accountant or Financial Advisor about the RRSP Home Buyer’s Plan.
If you have a Registered Retirement Savings Plan (RRSP) set-up, you can borrow money you have saved in this plan to probably use it for down payment.
4. Prioritize your preference
Based on your affordability, check what you would prefer condo, townhouse, or detached house.
5. Work with great real estate agent
Make sure you work with a trusted & reputable real estate agent. Finding the Right Home starts with choosing the Right Realtor. Once you know the price you can afford & your budget is in place, talk to your trusted Real Estate Advisor to check the prices of the properties in your preferred neighborhood. A Real Estate professional can set up an automatic search for you so that you get a notification as soon as a listing that meets your criteria gets listed.
Enjoy your home buying experience!
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Neeraj Kumar is a Real Estate Business owner who operates in Metro Vancouver. He is a Yoga Enthusiast and a community leader. Visit www.linkedin.com/in/kumar-neeraj to connect with Neeraj on LinkedIn.