First-Time Home Buyers
The home buying process can be overwhelming at first glance. Because of this, we have compiled a wealth of information to help you with the process. The Saskatoon Home Team, we have gone through the process ourselves and helped many clients along the way. We are the right agents to help you have a positive home buying experience. Here is a step by step process for a successful home purchasing experience.
Get Pre-Approved
It’s important to get a competitive interest rate and a good mortgage broker can help you with this. The best thing about utilizing a mortgage broker is their services are free and they will find you the most competitive rates in the market. A mortgage broker is ultimately paid by the lending institution for bringing you to them. After getting pre-approved you will know exactly what you qualify for in a mortgage. Contact us to get in contact with a mortgage broker with a proven track record.
Build Your Plan
Once pre-approved, you will be presented with many options for a home. You probably have a few favourite areas in Saskatoon, and potentially a vision of what type of dwelling you desire. We will help you to make the best decision possible by defining what your needs are and deciphering these from your wants.
House Hunting
At the beginning of the home buying process it’s important to see lots of options in your desired neighbourhood. During this process you will see what exactly you can get for your money and develop a sense of value. As REALTORS®, we will help weigh the pros and cons of each property. During this process we will send you listed properties within your price range and desired neighbourhoods and can even set you up on an automatic email system which will send you properties as soon as they’re listed in Saskatoon on the MLS system. Once you come across a property you would like to see, we will schedule a showing to view them.
Get Inspections & Remove Conditions
The Saskatoon Home Team will help you identify what you should be considering in terms of conditions, inclusions, possession and price. If you are serious about a property we will appraise the property utilizing the direct comparison method by adding/subtracting value from the subject property to other similar recent sold properties and come up with a strategy to get you the property for the lowest price.
Writing an Offer
You’ll need a Lawyer to help with finalizing everything and transferring the title. We work with Chad Haaf from McDougall Gauley and highly recommend him to take care of our clients. You can contact him for any further info.
Email: chaaf@mcdougallgauley.com
Phone: (306) 665-5494
Revenue Canada Home Buyers Plan
The Revenue Canada Home Buyer's Plan allows new home buyers to use up to $20,000 in RRSP savings which equates to $40,000 per couple to finance the down payment for first time home owners. Revenue Canada then allows 15 years to pay back your RRSPs without penalty to allow you to settle in to your new home.
Click here to learn more about the first time home buyers tax credit program from Revenue Canada.
Tax Free Savings Account (TFSA) for Down Payment
The TFSA is a registered plan similar to the RRSP; however it differs because contributions to the TFSA are not tax deductible. On the contrary, withdrawals from the TFSA are not taxable, and that includes any gains earned in the plan. Ultimately the TFSA is ideal for saving up for a down payment for a house, and can even be a better solution than the HBP for a first time home buyer. Anyone over 18 can contribute up to $5000/year into your TFSA.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Fusion
INFO & SERVICES
CENTURY 21 Fusion
310 Wellman Lane, Unit 210, Saskatoon, SK S7T0J1
(306) 653-8222
INFO & SERVICES
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