# First Time Home Buyer



## urvan99 (May 29, 2009)

Hi all,

I am first time home buyer and looking to buy the house within 1- 3 month, just come to cross in this forum and excited if any one give me advise from where i start to buy the house.
I am more looking the house in durham region, i am keep looking builder project and some private house sale
my question is that if there any way if i can get any first time home buyer benefit ? i know i can go with RRSP 25k but any other benefit if i can get ?
Please help me out to buying the first property.

Thanks


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## sprocket1200 (Aug 21, 2009)

yes, buy well within your means. if you can't now, save until your down payment is bigger


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## Rickson9 (Apr 9, 2009)

urvan99 said:


> I am first time home buyer and looking to buy the house within 1- 3 month


It is more important to set up a budget-limit than a time-limit.


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## Berubeland (Sep 6, 2009)

Spend some time thinking what is the least house i need instead of what is the biggest house I can afford. 

Bigger houses mean bigger expenses and more property tax. 

You need to live somewhere so a house is necessary. Buy something modest. Shop for a deal. Your real estate agent will want you to buy a house in the first few you see. I think this is too important a decision not to shop around for a good while. I saw over 50 houses before I selected this one and i have doubled my money in 10 years


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## steve_jay33 (Aug 29, 2009)

We are in the same situation in Ottawa. (First time home buyers)

We are newly married and planning to have a family. Our plan is to buy a bigger house so we can grow into it and stay in it for 10+ years. 

The traditional method would be to buy a small starter home and move up the property ladder. The problem with this idea is if you can see yourself moving in 5 years it will cost you $15,750 on a 300K home just for Realtor costs. Add in taxes, lawyers, moving, renovations, etc. it might hit 20K. 

Even if you put 20% down you build up so little equity in 5 years it is really not worth it.


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## steve_jay33 (Aug 29, 2009)

Here are a few links a new home buyer can potentially utilize. 

RRSP Home Buyers Plan
http://www.milliondollarjourney.com/how-the-rrsp-home-buyers-plan-hbp-works.htm

First-Time Home Buyers' Tax Credit (HBTC)
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Home Renovation Tax Credit (HRTC)
http://www.cra-arc.gc.ca/hrtc/

ecoENERGY Retrofit – Homes
http://ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm?ecoenergy_main


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## sprocket1200 (Aug 21, 2009)

then don't buy such a big house. you should have a big portion of the principle paid off in 5 yrs...


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## sampetes (Oct 30, 2009)

hi,

There are many things are needed to buying a first time home buyer, Ask the estate agent to take the property off the market and then instruct a solicitor. Ask for a few quotes and follow up personal recommendations. It is best to agree a one-off fee with your solicitor, otherwise you could face a lot of extra charges. Your solicitor will take over the legal issues and make sure that all the vital checks, including those listed below, are carried out. 


Thank you...


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## Dr_V (Oct 27, 2009)

I was in the same boat a few years ago. Some advice:

- be sure that you have at least a 25% downpayment; if not, you ought to consider renting until you've built up enough cash reserves.

- you and your spouse can use the government's first-time home buyer's plan to withdraw up to $20k each from your RRSPs; this worked out _great_ for us.

- since you're not trying to sell a house already, get a real estate agent that you can trust. It won't cost you anything, and they'll help you to find a place the suits your needs.

- in general, try to buy a house that is unique in one or more ways. You don't want to be stuck with a house that's equivalent to everyone else's on the street, as this could make your life much more difficult if/when the time comes to sell. 

- don't be afraid to look at a house which is _not_ brand new. There are _plenty_ of advantages to buying a home which is 5-15 years old, and these reasons may not occur to you at first. (e.g., unlike a brand new home, you'll have a very solid feel for whether or not the house has wet basement problems, problems which lead to water/ice damming on the roof, and so on. Plus, the first owners will have generally corrected many issues by this point, such as painting the walls, fixing nail pops in the drywall [which usually occur in the first 1-5 years], putting in a permanent driveway, finishing the basement, etc.)


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## Harper77 (Nov 11, 2009)

How easy is it to get an RRSP loan from the bank, for say 10K?


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## Rickson9 (Apr 9, 2009)

Harper77 said:


> How easy is it to get an RRSP loan from the bank, for say 10K?


It depends on who is asking. Just go to the bank and ask. They'll have somebody work with you.


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