Home Buying Tips for Millennials
It’s no secret that getting into the housing market has become considerably more difficult in recent years. That being said, this shouldn’t discourage young prospective homebuyers from entering the market in our beautiful Comox Valley! There are some amazing programs in place that will help millennials achieve their home ownership goals.
First Time Home Buyers’ Program
BC’s First Time Buyers’ Program reduces or completely eliminates the amount of property transfer tax that you would otherwise have to pay when purchasing a home. If one or more of the purchasers does not qualify for this program, the percentage of interest that the first-time homebuyer has in the property will be eligible for the credit. This is a great opportunity to save some cash when getting into the real estate market! For more details visit the BC government’s website: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers.
First Time Home Buyer Incentive
Another great way to save some money is through the new First Time Home Buyer Incentive, launching on September 2nd, 2019. The government is offering an interest-free loan to help potential homebuyers take out a smaller mortgage, which will subsequently keep their monthly costs lower. Once the loan is repaid, the government will collect a share of any gains that come from the appreciation of the property. If the home value has fallen, the government will also take on a percentage of that loss. This incentive program is projected to help approximately 100,000 families become homeowners – maybe even you! For full information on this new program visit: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive.cfm.
More Things To Consider
When beginning your journey to home ownership, there are a few points to keep in mind. Ensure you have considered additional costs such as property tax, insurance, closing costs and utilities. Make sure you have enough in the bank for a sizeable down payment. Finally, find a great mortgage broker! Many homebuyers go straight to their bank to finance their purchase, however mortgage brokers can often find you an ever better deal than your bank is able to offer. You definitely need to contact me directly to find out who would be great to work with!
I hope this information has helped inspire any first-time homebuyers out there! I’d love to be a part of your home buying experience. My knowledge of the local market and years of real estate experience will help put you at ease and put you on the right path towards your dream home!
To view my listings click here. To view the latest listing in the Comox Valley go here. And if you have any questions, feel free to call me anytime at 250-792-2776 or email tvincentrealty@gmail.com today!
