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Tips for First Time Home Buyers

January 4, 2013

First time Home Buyers need to work with an informed Real Estate Sales Representative.  It could save them some serious money.

When you consider buying your first home and decide you want to work with a licensed Realtor, it is important to pick someone with solid credentials.  This is true for everyone, but is even more important when you are a first time buyer.

market-update-graphicThe home buying experience can be interesting for any buyer but it can be nothing short of overwhelming if it is your first time. There are many things a first time buyer needs reliable coaching on, such as getting all the mortgage details and approvals looked after in advance, having a lawyer ready to go and forecasting what the final expenses will be upon closing.

An area that is often overlooked is the possible government credits that could be available to you. First there is an Ontario Land Transfer Tax that all buyers pay, BUT if this is your first time purchasing property anywhere in the world for both you and your partner, you may be eligible for up to $2,000 in credit. This savings is something that must be reviewed with your real estate lawyer to determine if you are eligible. Also there is a $750.00 deduction you are allowed on your personal income tax return (one per couple).  These are two examples that add up to $2,750.00, and these examples validate why you need to work with an experienced Real Estate Sales Representative. A good sales rep will end up saving you money.


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