Is It Time To Own?
Real estate ownership is always going to be more expensive than renting, but in the long term will provide security with the eventuality of being mortgage free, in addition to owning an asset. Being financially prepared for home ownership is something you should look at conservatively. It’s easy to get blindsided by additonal costs if you aren’t ready for them. The most common cost that most buyers are not prepared for is the Property Transfer Tax. First time buyers are exempt up to a limit of $500,000, but if you are buying for the 2nd time this is something you’ll need to be prepared to incur.Are You Financially Ready To Own?
If you are paying $2000 a month for rent, it’s really not that much more to own with the current mortgage rates. The tricky part is generally the down payment, the more money you can put down the better. Be diligent with your RRSP savings account, the first time buyers plan allows you to borrow up to $35,000 from this to put towards a down payment. The bare minimum you need to put down is 5%, but this comes with additional fees.Getting The Right Advice
Some real estate agents won’t hesitate to tell you buying a property is always right for you, without asking you questions about your financial preparedness. I’m very candid and honest with my clients, and while more often that not your financial viability to be an owner will come out during the mortgage approval process I will ask you those questions directly to get a sense of where you are at financially. It’s important to be honest with each other during the process, this is something I always bring to the table for my clients, and I hope for the same in return.
Government Programs For Buyers
BC Home Owners Grant : https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant
BC First Time Home Buyers Program : https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers
Canada Home Buyers Plan : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html
Home Inspectors
Fairbairn Inspection Services : https://fairbairninspections.com/
Janzen Home Inspections : http://janzenhomeinspections.ca/
Munro Home Inspections : https://munrohomeinspections.ca/