Buying vs. Renting
Buying a home is a big step. If you’re ready to stop renting and start your homeownership journey, here are just a few of the advantages you’ll enjoy.
- Cost Savings – If you make a smart purchase, buying a home can be less expensive in the long-term than paying for monthly rent.
- Price Appreciation – Your home can increase in value, resulting in major returns on your investment when it’s time to sell.
- Home Equity – While renting means paying someone else’s mortgage, the payments you make towards your own home will build your equity for when you need it.
- Security & Privacy – When you own a home, you’re secure in the knowledge that you can’t be evicted—and you can forget about noise and privacy concerns.
- A Place to Call Home – From renovating whenever you want to truly feeling like a part of your community, there’s nothing quite like owning a home!
Why Work with a Buyer’s Agent?
As a first-time buyer, you’re bound to have questions. A buyer’s agent is equipped to answer them—and help you achieve the best outcome possible. Here are a few reasons to consider working with a dedicated buyer’s agent.
- More Listings – Access to the Multiple Listing Service® (MLS) and other exclusive databases allow agents to find more homes that match your needs.
- Full Coordination – From arranging property showings to helping you obtain financing, a real estate professional can coordinate every step of the process.
- Expert Advice – An agent will explain forms and agreements, discover helpful information about prospective properties, and offer fully-informed counsel.
- Complete Protection – Your buyer’s agent will look out for your best interests, and suggest adding clauses to your agreement that will protect you.
- Ongoing Guidance – Whether you’re putting together a compelling offer or entering negotiations, an experienced agent will act as your advocate.
Financial Programs, Credits, and Refunds
A home is a major purchase, but first-time buyers can reduce their financial burden by taking advantage of government programs, credits, and refunds.
- First-Time Home Buyer Incentive – This government incentive offers you an interest-free loan in exchange for a stake in your home. If you sell within 25 years, you’ll owe the government part of your profit (the same percentage that you borrowed). If not, you’ll owe nothing.
- The loan is for 5% of your purchase for a resale home
- You can borrow 10% for a new-construction home
- Qualifications include a max household income of $120,000, and 5% for a downpayment
- The total value of your mortgage can’t exceed $480,000
- First-Time Home Buyer Tax Credit – This federal credit allows you to get a portion of their downpayment back. You can claim $5000 (non-refundable) when you file your taxes the following year, resulting in a total of $750 for home expenses.
- Land Transfer Tax Rebate – When you buy a home in Ontario, you’ll pay a Land Transfer Tax. You can get up to $4000 of this amount back through the Land Transfer Tax Rebate.
- Home Buyers Plan – This federal program allows you to withdraw up to $35,000 from your RRSP to buy or build a qualifying home. You’ll have 15 years to repay the funds.
Ready to Buy?
Preparing to buy your first home in the Hamilton-Burlington area? A buyer's agent is standing by to take your call, answer your questions, and help you take the first step towards purchasing your dream property!