The purchase of a home for the very first time is an enormous and significant choice within your lifetime. First-Time Home Buyers credit (FTHBC) is a federal program whose main motive is to target buyers just like you. The main aim is to reduce the cost of buying a home. If you are a first time buyers, then you are capable of claiming the income tax credit for up to $5,000 worth of the cost of buying a home like legal fees as well as land transfer taxes. This credit can be avail in the tax year in which home purchase is done by you.

You’re considered to be an initial buyer in the event that neither you nor your common-law partner have resided in or owned a house in the time of the purchase, or during any of the preceding four years.

If you’re a first-time homeowner, follow the guide below to get helpful hints and tricks.  Then, discover the best ways to avoid making common errors when purchasing your first property within Calgary.

Pre-Qualification being a first time buyers:

Meeting with a mortgage professional to find out what you are able to pay for a house.

Pre-Approval:

Knowing exactly the amount you’re able to afford will be the initial step in selling your home; sellers will be more open to buyers who have been approved. There is no need to worry if the property that you are looking for is out of your budget. With Pre-Approval, the buyer is able to apply for a mortgage and is given a commitment in written form from a lender. If the house you’re looking at is priced at or below the amount you’ve been pre-approved to purchase, the vendor is aware instantly that you’re an experienced buyer for the property. Pre-approval fees are usually minimal and lenders typically allow you to pay for these charges at the time you close your loan.

List of Needs and Wants for first time home buyers in Calgary:

You should make two lists. The first list should contain things you need to have (i.e. the amount of bedrooms you require to accommodate your household, single-story home if accessibility is a factor, etc.). The second list should include your desires, items you’d like to see (pool or a den, etc.) but aren’t required. If you are a first time buyer in Calgary there is a chance that you won’t be able to get everything you want on your checklist, however it can keep you focused on what you’re looking for.

Representation from a professional:

Consider employing an agent for your real estate who works for you the buyer, not for the seller.

Focus and Organization:

Store them in a handy area, store items that can assist you to maximize your home search efforts. This could include:

• One or more maps with your regions of importance highlighted.
• A list of properties your agent has presented to you, along with advertisements you removed from the newspaper.
• Pen and paper to record notes while you search.
• Cameras that are instant or video to refresh your memory of specific properties, especially when you’re attending several shows.
• The location: Take a look at any property you are considering as though you were the seller. Does a potential buyer be interested in it in terms of schools, crime rates, and proximity to the positive (shopping and parks Freeway accessibility) in addition to negative (abandoned homes, garbage dump, sources of noise) characteristics of the neighborhood?