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Congratulations if you are considering buying your first time home!. A home is generally considered the largest investment most people will make in their life.

Don’t stress over buying your first home I will guide you too as I have many, many clients before you. . There's no cost, no obligation and no pressure. If you are looking to get your foot into the housing market, it is important that you are ready to act when the right house comes along. Affordable homes, in desirable neighborhoods sell quickly due to high demand.

The first step is to find out how much you can afford. Our mortgage calculator can help you get an idea, but you should get a pre-approval from a reputable financial institution first.  The pre-approval  will allow you to secure a great rate as well  help you  establish  your price range  and you will have peace of mind when you  find your home,  because your  financing  will be in place. I can help you with any questions  you may  have about buying your first home or would like to obtain a pre-approval, please  call or email me.

There are some great programs, rebates and tax credits available to help reduce some of the costs of buying your first home like: 

First Time Home Buyers Programs

• RRSP Home Buyers Plan (up to $25,000)

The First Time Home Buyers RRSP Plan (HBP) allows first time home buyers to withdraw up to $25,000 from RRSPs to buy or build a home for yourself or for a related person with a disability. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. If the full $25,000 is withdrawn, the minimum annual repayment is $1,667. If less than the minimum is repaid in any particular year, the balance is added to the taxpayer’s income. To qualify for the Home Buyers Plan, an individual must not have owned a home ever, anywhere in the world.

• Ontario Land Transfer Tax Credit (up to $2000)

The Land Transfer Tax Credit is a refund of the cost of the provinces land transfer tax up to a maximum of $2,000. This will allow first time home buyers to purchase a home up to $227,500 without having to pay any land transfer fee. Any amount higher than $227,500 is taxed a rate of approximately 1.5%. To qualify the property must be owner occupied. The first time home purchaser may claim the full maximum amount or a proportion of the maximum refund amount. To qualify for the Land Transfer Tax Credit, an individual, their spouse or common law partner must not have owned a home in the previous 5 years. The refund can be given instantly at the lawyers office but advise the lawyer prior to the closing date if you qualify for the rebate.

The refund amount is reduced when one or more of the transferees are not a first time home buyer. The reduction will be proportionate to the interest in land acquired by the individuals who are not first time home purchasers. For example, a parent who is not a first time home buyer and child who is a first time home buyer, purchase a home with equal 50/50 interests, the child may claim 50% of the land transfer tax refund. The child’s claim cannot exceed 50% of the maximum allowable refund, i.e., 50% of $2,000.

Land Transfer Tax Ontario Calculator.

Helping first time home buyers in Ontario attain the dream of home ownership. I can provide you with a FREE list of homes, customized to your specifications. IF you want to know what that property sold for in the Windsor essex County Real Estate market I can provide that information for you  too. Call me today and I will prepare a FREE List of Homes for you, with no cost or obligation. Before you know it, you'll be in the home you've always dreamed of...your own home!!

My  FREE Service for first time home buyers in Windsor Ontario, provides you with the competitive edge by giving you priority access to all of the hottest new listings in your price range, and area. This  free priority access allows you to beat-out other buyers, and can help you save thousands of dollars off the purchase price of your home.

You can receive a personalized, FREE Hotlist of these affordable homes by simply filling out the form below, and clicking on SUBMIT.

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Nejla Horasan, REALTOR®

280 Edinborough
Windsor, ON N8X 3C4
Office : 519-966-3750
Fax: 519-966-0988

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