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15 Dartmouth Road Suite 15
Bedford, Nova Scotia
B4A 3X6 902 - 835 - 2000
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5 Insider Tips for First-time Buyers
Folks who are new to the home-shopping world need more than just good luck. You should, of course, save all you can for closing costs and a down payment. For further help:
- Revisit your "wish list".
Reconsider what you're looking for in a first home. Find out what you can afford now, and consider buying a starter home that requires a small down payment with the idea of moving up in a few years.
- Take advantage of special programs.
Look into special first-time buyer programs such as the Home Buyer’s Plan which permits you to borrow from your RRSP to use as a down payment, and then repay in 17 years – the first two years without payments at all, and the following 15 years ats a rate of 1/15th of the borrowed RRSP amount to be repaid to your RRSP annually. Some conditions apply to this plan, but by and large it is viable option.
- Gather gifts.
Check with parents and relatives for monetary gifts that can go toward a down payment or closing costs. A 25% down payment can dramatically cut monthly costs and eliminate costly mortgage insurance premiums.
- Consider "sweat equity".
If you can fix up a home that’s in poor condition, you increase the value of your investment faster. Ask us about special combination loans that provide fix-up funds as well as purchase money.
- Scour market for bargains.
Call on us to research Power of Sale properties, and other homes available at distressed or below-market costs
Return to: Sellers Strategies
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