People don’t have enough knowledge about where to buy a new home or why should they make up their mind to have one. Some are confused of what to do while some intelligent individuals approach experts or consultants to get assistance.
As first time buyers, you would need to be a bit careful in making a decision because your money will be at stake and you have to identify real reasons of why to purchase a property. Below are 9 most common factors to evaluate this need.
- Low rates: Rates are not always as low as you would like to see; they actually depend upon timing and knowledge of the future. The rental amount of $1,000 is equal to $250,000! So be careful while making a decision.
- Investment- Since you are paying money for everything you add in the home, it’s your investment and value of the home increases as you make improvements and maintenance.
- Don’t wish to lose your parking spot- Having your own home or real estate property means you don’t need to search for a parking spot. You have your own!
- Cheaper than rent- In most of the cases, first time home buyers are not much satisfied with the offers because the mortgage payment is almost similar or near to the amount they need to pay for rent. If you have bought a property and paid mortgage, it means that you are financially making investments whereas, people who are living on rent, they are only paying to their landlords or in other words, it’s the investment of their landlords.
- Don’t like cladding or carpet in the bathroom- While living on rent, you don’t have enough rights to freely decorate the home as you want. However, being an owner, your home is yours and no one can restrict you from doing anything!
- Opportunity to purchase better and bigger- If you are the owner, you are free to invest in anything at anytime. Whether you need a better neighborhood, more space, job movement or just want to make your dream come true, your property will be the source of accomplishing everything.
- You can smell what your neighbors cooked! Even though you don’t have the opportunity to choose your neighbors, you can make it happen by purchasing a home in the place of your choice.
- Know the reason- It is important to know the reason of purchasing a property as first time home buyer.
Just log on to NB Mortgage’s website and know the details:
- RRSP Withdrawal would be your down payment: You are allowed to withdraw up to $25,000 to buy a real estate without requiring to pay tax on the amount.
- Ontario Land Transfer Tax Rebate: You or any of your close relation can apply for a claim of $2,000 of the land transfer tax payable while buying a property.
- Toronto Municipal Land Transfer Tax Rebate: Being a first time home buyer in Toronto, you can get a refund in the form of municipal land transfer tax payable with $400,000 as purchase price.
Just because you are tired of giving answers to your family’s or friend’s questions about owning a property.