The Do's and Don'ts for First Time Home Buyers Barrie

 

Here the Do's when buying a home.

 

1.  Get Pre-Approved  -- Don't start house hunting until you know what you can afford.  Talk to your bank first.

 

2.  Find a Realtor -- Especially for first time buyers, it is helpful to have someone who knows the business and the city.

 

3.  Stick to your budget -- Don't be tempted to go over your budget.  You still want to maintain your current lifestyle and not be house broke.

 

4.  Take Advantage of Tax Breaks -- Effective Nov 2016, first time home owners can get up $4000.00 in savings.  See list below of other tax breaks.

 

Here are your Don'ts when buying a home.

 

1.  Avoid making big purchases before you buy a home, ie: car.  A home is a big purchase so save your budget for this first.

 

2.  Factor in closing costs.  Remember you will owe more fees once you close the sale.  The CMHC recommends putting aside 1.5-4% of the sale price.

 

Helpful links:

CMHC -- Canada Mortgage & Housing Corp.

Mortgage Calculator

First time buyers

Tax Breaks for Energy Efficiency

 

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