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► Buying a home

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How to Buy Your First Home…the Easy Way!

Avoid the 10 Most Common, Painful, Frustrating Mistakes First Time Home Buyers Make!

1.   Inspect - Get a home inspection done and review carefully.
2.   Picture the house - Look at the house as if your furniture is in it.
3.   Discuss - Review your finances with us to maximize your home and lifestyle

together.
4. Shop - View several homes, don't buy the first one you look at, put a

deposit to hold if necessary.
5. Review - We are here for you, keep communication open along the way to

aid your decision.
6. Be Vigilant - Ensure you have reviewed all costs, ensure everything works,

      ask lots of questions.
7.   Final Walk Through - Ensure the property is exact as per contract.
8.   Be Flexible - Prepare for unexpected changes in dates - these can happen in

Real Estate.
9. Get it in Writing - Ensure all agreements are in writing.
10. Be Open - Ensure the accuracy and integrity of all your discussions &

documents.

Tips on how to make your home sell faster!

1. Clean Up - Ensure cleanliness both inside and out - try for an elegant look.
2. Fix Up - Ensure everything is in good working order - New paint does

       wonders!
3.    Organized - Ensure your home is organized - Closet organizers look great!
4.    Flooring - Clean & Bright - if worn consider replacing or steam cleaning!
5.    Music - Play it safe, turn your music off!
6.    Fireplace - Unless it's summer, show it off and have it going.
7.    Lights - Make sure your home is well lit, dark rooms raise suspicion - open

the curtains!
8. Pets - If you have them, ensure they are out of sight and no odours are

present.
9. Showings - Be ready at all times in case of a spontaneous drop-in by a

realtor with a client.
10. Privacy - It's best not to be home so the buyers are completely at ease.
11. Marketing Materials - Ensure they are handy for the buyers to take.

Alternate Financing

1. Self Employed / No income - Little as 5% down if credit is great and self

employed for 2 years+
2. Self Declared income - 15% down purchase on self declared income letter!

      Must be self employed for 2+ years
3.   No Down Payment -Free down payment
4.   Flex Down - Borrow for the down payment and get the best rate possible!
5.   Bad Credit - up to 85% financing for purchase or refinance!
6.   Private Mortgage - up to 85% second mortgage based on equity only.

Using Your RRSP- "Home Buyers Plan"

The Federal Home Buyers Plan allows first time home buyers to withdraw up to $25,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the amount as income. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn. If a repayment is not made for a given year the minimum repayment is included as taxable income for that year.

Participation

To participate you have to withdraw the amount from your RRSP using form T1036 Applying To Withdraw An Amount Under The Home Buyers Plan. Give the completed form to the RRSP issuer along with the certification that you meet or intend to meet certain conditions as follows:

Conditions

You have to make your withdrawal request in the same year you wish to participate in the Home Buyers Plan
You cannot have previously participated in the plan in previous years.
You have to be a resident of Canada
You have to enter into a written agreement to buy or build a qualifying home
You can withdraw a total of $25,000. Multiple withdrawals are allowed. Each of you and your Spouse can participate in the Plan and withdraw $25,000 from your own RRSPs.
You have to be considered a First Time Home Buyer

A qualifying home is a housing unit located in Canada. Existing homes and homes under construction are both qualifying homes and can be either:

Single Detached Family Homes
Semi Detached
Town Home
Mobile Home
Condominium Unit
Apartment in a Duplex, Triplex, Four-plex or apartment building.
A Share in a Cooperative Housing Corporation, provided the share entitles you to posses, and gives an equity stake in, a housing unit.

First Time Home Buyer

You are considered a first time home buyer if you have not owned a home while you occupied it as your principal place of residence for five years. At any time in the fifth calendar year since you last owned a home you can qualify.

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