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FIRST TIME HOME BUYER TIPS

Are you interested in buying a house in Victoria BC? Perhaps you are looking for tips for first time home buyers. This page has information that will help you understand a few things about buying your first home in the Greater Victoria area. 

I’m Ann Watley, a real estate agent serving the Greater Victoria region. I’m here to help you navigate the real estate market in order to find the right property for your lifestyle. Buying and selling a home can be a complicated process, so I am here to help make it as seamless as possible. Past clients have provided their feedback on a review site, Rank My Agent, which will give you an idea of the level of customer service I provide.

PLAN BEFORE YOU BUY

Before you get on the phone with a real estate agent, there are a few things you should know ahead of time or at least think about. This will help the process run more smoothly.

HOW MUCH CAN YOU AFFORD TO BUY?

Figuring out how much you can afford can be a difficult question to answer. Ideally, you should be able to live your life comfortably, pay all your bills on time, and have enough leftover each month to put into a savings account. In order to understand what this means for you, it might be a good idea to set a budget to understand where your income is being spent. Once you can determine how much money you can comfortably spend each month on a mortgage payment, then you can calculate how long you want to spend that amount of money and from there calculate the maximum amount you can afford to buy.

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WHAT SIZE OF DOWN PAYMENT DO YOU NEED?

A down payment is a lump sum payment as soon as you buy a home. It isn’t often that we have the full amount of money waiting in the bank account, so a down payment is a large amount of money to put towards the house that you then supplement over the years with your mortgage payment.  

How much you need will depend on what the asking price of the home you are interested in buying ends up being. If you provide a larger down payment, then you will end up with a smaller mortgage and will pay off your home faster. Click here to find out more information on minimum payments in BC.

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WHAT FINANCIAL HELP IS AVAILABLE?

In Canada, the government has some programs to help with the purchase of a new home. In BC, there is the First Time Home Buyers’ Program that helps with the cost of property transfer tax. The Home Buyers’ Plan (HBP) helps you dip into your RRSP to buy or build your home. There is also a First-Time Home Buyers’ Tax Credit that is worth looking into.

HOW MUCH ARE PROPERTY TAXES IN VICTORIA?

The amount of property tax depends on the municipality your home is located. 

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.