menu

First Time Home Buyer: What You Really Need To Know

Category
Date Posted
18 August 2015
Everyone remembers when they bought their first home. The purchase of a home is often the largest investment the average Canadian will make in their lifetime, and like most things, the first time is always a bit more exciting and challenging. Here are some useful tips to help guide you through this important process:1) Schedule a Home Inspection. First time home buyers often feel emotionally connected to their first home. They visit a property, fall in love with it, and table an offer almost immediately due to the fear of losing the deal. Before they know it, problems start surfacing, and they're on the hook for the cost of repairs. By including a home inspection in the terms of your offer, or arranging for an inspection before making an offer, first time home buyers can rest assured that their first home is in fine shape. 2) Know your credit score.Your credit score will be a key question you will get asked in the process of purchasing a new home. Make sure you know your credit score, and if it isn’t a good score, try and do what you can to improve it. As a first time home buyer, applying for a mortgage or other loans becomes much easier if you have a good credit score. Better interest rates and terms will be available if you have a higher credit rating. 3) Don’t forget the closing fees! Closing fees can be a shock to a first time home buyer, so make sure you’re prepared for them. Land transfer tax, property tax, and property insurance are some of the common closing fees that you should be prepared for as a first time home buyer. 4) Buy within your price range. A first time home buyer may become self conscious about not being able to afford their dream home right off-the-bat and may decide to purchase a more expensive home by putting down a minimum down payment. Stay within your reach and buy a home that's in your income range; the dream home will come eventually. 5) Put down the highest down payment percentage you can. Mortgage rates change drastically if you put down a higher percentage in your down payment. A first time home buyer should avoid falling into the 5% trap if you have money available to pay more; paying off your mortgage faster can save you thousands of dollars in interest fees. 6) Negotiate your payment schedule Banks count on a first time home buyer agreeing to all of their terms, but you can negotiate your payment schedule to save money. For example, you can arrange to have payments done every two weeks instead of monthly, shorten your amortization period, or you can slightly increase your instalment amount. Little changes early on can make big differences in interest payment reductions. 7) Budget for extra expenses. Too often, first time home buyers forget about all of the startup costs associated with purchasing a home, like moving, utility connection fees, appraisal fees and survey costs. Make sure you've accounted for these payments in addition to the money you've set aside for your down payment. 8) Be aware of rebates and other home purchase benefits. Companies like Rebate4U can help you secure lucrative rebates of up to $30,000 for a first time home buyer in some cases. The service has no upfront costs, and you're only charged for the service once the full rebate amount has been received. 9) Hire a realtor and a real estate lawyer to help. These are two types of trained professionals that can help make the process of being a first time home buyer much less confusing. They can also help you save money by advising you on various tax breaks, policies, or other purchasing strategies. The experience for a first time home buyer can seem complicated, but a few rudimentary steps and some savvy research or negotiations can help you save a great deal of time and potentially net you a lucrative rebate in the process. Home ownership is one area that you want to have "done it right", so make sure that you are patient with the process and aren't afraid to seek the advice of experts along the way.

Contact Us

Rebate Calculator

Please enter the total value of your renovation including tax.

Total construction cost
(including taxes)
$
Search Our Blogs

More of our Blogs

26 February 2024

How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thousands of dollars back. To qualify for this rebate program in Ontario, you must meet the criteria set out by Canada Revenue...

View Full Post
10 February 2024

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

Home renovations are a great way to revitalize your existing property to transform it into your dream home. Working with the best contractors you can make large-scale upgrade plans that rebuild your home from the ground up. With programs like the New Home HST Rebate in Ontario, the cost of these significant upgrades can be mitigated. By working with the experts at Rebate4U you can assess your...

View Full Post
31 January 2024

Why Turn Repairs into Renovations with the Home Renovation HST Rebate

Whether you’ve recently purchased a new home that needs a lot of work or are ready to upgrade your existing home, renovations and remodels can rack up quite the bill. But for homeowners in Ontario, the HST rebate on home renovations is a viable option that can help you get more return from your investment. Read on for more information!

View Full Post
18 January 2024

Which Part of Your Home Renovations Are Subject to HST in Ontario?

Like with the transaction of any good or service in the province, there is a 13% tax (Harmonized Sales Tax) added to every purchase, including the sale properties. When buying a home, this tax can add up to a substantial amount. In Ontario, the HST Rebate program is offered to residential property buyers as a way to offset the cost of new home purchases.

View Full Post
15 December 2023

What to Do When You're Not Ready to Move Into Your New Condo

If you’ve bought a new condo and want more insight into your rebate options, from the HST Rebate on new homes to the New Residential Rental Property Rebate, contact the experts at Rebate4U for more insight and personal guidance.

View Full Post
27 November 2023

So You Built a New Home, Now What?

If you’ve recently finished building your new property in the last two years, you may be eligible for money back with the HST rebate in Ontario. The program allows homeowners to recover a portion of their HST spent on construction.

View Full Post
17 October 2023

Signs You'll Benefit from the HST Rebate in Ontario

The HST Rebate in Ontario is a valuable and beneficial program available to homeowners in Ontario. Unfortunately, many new home buyers or even long-time homeowners are unaware of the program’s existence or their eligibility. The new home HST Rebate can be nuanced, but with the guidance of an experienced, trusted, and knowledgeable professional like the team at Rebate4U,...

View Full Post
29 September 2023

Benefits of Renting Your Newly Purchased Home

It’s not uncommon for property owners to purchase a new home or condo with the intention of making it their primary residence but then later change their minds to use the newly acquired or built property as a rental unit. Whether you build the home from the ground up or determine that you no longer want to use a newly purchased property from the builder as a home for yourself, there are...

View Full Post
20 September 2023

Experts Tips for Navigating the HST Rebate on Newly Built Homes

The HST rebate in Ontario is a fruitful opportunity for homeowners throughout the region. As housing and building materials costs increase, it’s no surprise that property owners are looking for ways to reduce their investment costs. Offered through Canada Revenue Agency, the new home HST Rebate is a great way to get back some of the money spent on renovating or building a new home. In...

View Full Post
21 August 2023

Tips for Planning Your New Home Rebuild HST Rebate

Rebuilding your home from the ground up can be a daunting undertaking but incredibly rewarding with the right approach and programs like the HST Rebate in Ontario. The New Home HST Rebate allows qualifying residential property owners to recover a portion of their rebuilding costs spent on HST. In Ontario, every sale of services or goods comes with a 13% Harmonized Sales Tax charge, including...

View Full Post
Homeowners, obtain an HST rebate of up to $30,000 today!
get started

Why Choose Rebate4U?

Experienced Specialists

For over 10 years, the Rebate4U team has the knowledge and expertise to help residential property owners throughout Ontario successfully apply for regional HST Rebate programs.

Free Consultations

Our specialists offer complimentary consultations where we review your eligibility to determine whether you qualify for an Ontario HST Rebate so you can proceed with your application confidently.

Millions Awarded

We are able to expertly navigate rebate opportunities, staying up-to-date on the most recent rebate developments and changes in the HST Rebate program to maximize returns. To date, we’ve successfully acquired millions of dollars for clients in total.

Customer Commitment

The Rebate4U team is dedicated to delivering the highest level of customer service, we are here to answer your questions and help you navigate the intracises of your application easily and efficiently.

Cashing-In on the HST Rebate is as Easy as 1-2-3
Contact REBATE4U

Set up a quick, free consultation with the Rebate4U team to explore your HST Rebate options.

COLLECT DOCUMENTS

Submit your required documents to Rebate4U, and we'll handle your application.

GET YOUR Money BACK

Apply for the rebate and receive thousands in rebates in just weeks with Rebate4U.

FIND OUT IF YOU QUALIFY

We are proud to be working with top Canadian companies

Recent Posts view all posts

How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thous...

Read More

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

Home renovations are a great way to revitalize your existing property to transform it into your dream home. Working with the best contractors you can make large-scale upgrade plans that rebuild your home from the ground up. With programs like the New Home HST Rebate in Ontario...

Read More
We Are Based

Rebate4U
101-3185 Bathurst St
Toronto ON
M6A 2B2

1-800-610-4510
info@rebate4u.ca

Connect With Us
Error...

Please, enter a valid value

We are sorry...

But the values you entered are invalid

Rebate

In celebration of our 3 year anniversary at Rebate4u Inc, we have decided to reduce our fee structure for all new home and renovation rebates including the New housing rental rebate.  

Don't waste your time looking for anyone else to take care of this because we will not be under sold.
Please fill out the form below or call us at 1-800-610-4510

Please, enter a valid value