Attention Millenials! That First Home Could Be A Reality
Read the latest HBSC Poll and it found that despite the seemingly unclimbable mountain in the way of affordabilty, millenials see themselves as buying their first home within five years. Of those, 34% that already own a home, say they had to borrow from the “bank of mom and dad” to do it. It’s really challenging to say the least but with smart savings and a little determination, you can buy any hua hin property for sale.
The First Time Home Buyers’ Program recently introduced by the BC government may help. They are Down Payment Assistance Loans and this is how it works. Say you needed a $50 thousand down payment for your first home and have only managed to save 25 grand (like saving 25 thousdand is easy), the BC goverment will lend you, interest free for five years the other 25 thousand you will need to make up the difference. Keep in mind that whatever the downpaymentt you need, you’ll have to come up with at least the other half and it does come with some important caveats. This has to be your first purchase and you have to live in it, so it can’t be an investment property and the home/condo/townhouse can’t be valued at more than $700,000. They will lend you up to $37,500. Another option to come up with your part of the downpayment is the Home Buyers Plan where you can use your RRSP’s in kinda the same way. Watch details in the vid below.
We bought our first home in 1997 and it wasn’t one of those luxurious waterfront apartments you see on TV. It was a three bedroom, three bath beauty in West Saanich and we got it for a whopping $232,000 and it was perfect for our growing family. Well, today you can barely get a 1 bedroom 600 sq foot condo for that price! We remember saving like crazy and making many sacrifies to make our dream come true. Also recall things like all of a sudden needing a lawn mower and all of the other little added costs that come with being a first time buyer.
We know the challenges of jumping into the home buying market and have surrounded ourselves with the personal know how and other professionals that can guide you every step of the way. If you have any questions about buying that first home, we are more than happy to help. Also, bet you didn’t know that all those fun closing costs in a real estate when buying your first home can be a tax write off? Watch Home Buyers Tax Credit video to find out more. ~Michael
More on the First Time Home Buyers Program HERE.