YOU'RE MAKING YOUR LANDLORD RICH! PART 1

Working with first time home buyers is always exciting for me. I mean, who isn't excited about their first home!  I get to educate them about the market, how to prepare for ownership, and what is required to purchase a new home. Some of them are ready to purchase right away and others are simply putting together a ROADMAP TO HOME OWNERSHIP. 

During this process I thought about some of you renters out there who might be interested in knowing that often times it's the same price, IF NOT LESS, to own your own home than it is to rent!

Take a look at the two scenarios that I've put together for the purchase of a condo that is under five years old. REMEMBER: If the home is brand NEW then you may be eligible to receive up to $10,000 FREE MONEY from the government. (For more info on this take a look at last weeks BLOG post)

This could be your home!

SCENERIO #1 - Condo

$150,000 Purchase
5% down payment $7500

CMHC insurance fee - $4204
Total Mortgage - $146,704

Mortgage payment: $560
Property Taxes: $65
Condo fees: $132
Utilities: $30

PPT (Property Purchase Tax): FREE if you're a first time home buyer

TOTAL MONTHLY PAYMENT :  $787

INCOME REQUIRED: $27,000

YOU ONLY NEED TO BE MAKING APPROX $14 AN HOUR !!!

SCENERIO #2 - Condo

$200,000 Purchase
5% downpayment - $10,000
CMHC insurance - $5605

Mortgage Payment- $747
Property Taxes - $65
Condo Fees - $132
Utilities - $30

PPT (Property Purchase Tax): FREE if you're a first time home buyer

TOTAL MONTHLY PAYMENT : $974
Total Income Required - $34,000

THAT'S approx $18 an hour!!!

* Consider getting a room mate and charge them $400 to $500 per month with this scenario and then it only costs you approx $500 to own! 

*Interest rates are at all time lows plus it's a great market currently for you first time buyers with ample product to choose from.

So what are you waiting for? 

Whether you're looking to buy now or down the road, It's never too early OR LATE to put together your ROADMAP TO HOME OWNERSHIP. 

EMAIL: Lacey@homeswithlacey.com or CALL: 604.910.LACE (5223)

PS: Do you find this information helpful? If so 'SHARE' it with your friends.
What are some other topics and information that you're interested in? I'd love to hear from you!  

#3 - Top Government Grants and Rebates for BC Home Buyers and Sellers

HAPPY MONDAY!

    I hope you had a great weekend spending time with friends and family. Now it's  back to work for all of us! As I'm writing this I'm asking myself: "When did I become an adult?". Mortgages and Saving money? It doesn't seem like that long ago my days consisted of coming home from school, eating crackers and cheese, and watching save by the bell. :) Don't laugh, you know you loved those shows as well. :) Anyways..... I'll deal with my semi-mid life crisis later and move onto what this post is supposed to be about: GOVERNMENT GRANTS!

Now this one is GOOD.

Drum roll please......................

#3 - TEMPORARY FIRST-TIME HOME BUYERS BONUS 

The B.C. First-Time New Home Buyers’ Bonus is a one-

time payment worth up to $10,000! B.C residents who are first-time home buyers and who purchase an eligible new home before April 1, 2013 may be eligible for this 

bonus.

Having a hard time coming up with a down payment? 

This is your solution! 

A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world.

A primary residence is generally a house that you own (jointly or otherwise), and that you intend to permenantly reside in. You may have more than one place of residence, but you are considered to have only one primary residence.

Qualifications

You may qualify for the bonus if you meet all of the following criteria:

• -You purchase or build an eligible new home in B.C.
• -You and your spouse or common-law law partner are first-time home buyers
• -In the case of multiple buyers of a home, each buyer is a 
  first-time home buyer
• -You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return. (you are not eligible for the bonus if you move to B.C. after December 31, 2012)
• -You are eligible for the B.C HST New Housing Rebate as well. (Stay tuned on THURSDAY for more info on this rebate)
• -You intend to live in the home as your primary residence
• -No one else has claimed a bonus for the home

How do I know which homes qualify for the $10,000 grant?

Feel free to call me on my direct line at 604-910-LACE (5223). I'd love to tell you how. 
Have a great week and stay tuned for MORE! 

Lacey Forward 

www.homeswithlacey.com 

604-910-LACE(5223)

#2 - Top 10 Govenment Grants and Rebates for BC Home Buyers and Sellers

Well...... We're onto #2. This ones for the First-time Home Buyer!

#2 - FIRST-TIME HOME BUYERS TAX CREDIT (HBTC)
This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. It's calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5000. For 2009 the maximum credit was $750. Sound confusing? Go to http://www.cra-arc.gc.ca/hbtc to watch a short video clip or call 1-800-959-8281. 

Be a friend..... Pass this along! 

Stay tuned for #3. Coming on MONDAY. 

Lacey Forward
604-910-LACE (5223)
www.homeswithlacey.com 

PS: Please don't keep me a secret! The referral of your family and friends is the greatest compliment. Thank you. 

Top 10 Government Grants and Rebates for BC Home Buyers and Sellers

NO MORE SITTING ON THE FENCE!  For all of those who are sitting on the fence keeping it warm... it's time to get off and take advantage of the savings!  Whether you're planning on buying a home or you already own a home, here are 10 grants and rebates that will help you save money.  Some are old and some are NEW but, will only be available for a limited time.  Be sure to stay tuned over the next couple of weeks while I share them with you.

#1. HOME BUYER'S PLAN

Qualifying homebuyer's can withdraw up to $25,000 (couples can draw up to $50,000) from their RRSP's for a down payment. Homebuyer's who have repaid their RRSP may be eligible to use the program a second time. (Go to http://www.cra.gc.ca enter "home Buyers Plan" in the search box or phone 1-800-959-8287).  The benefit? It's one of the best ways to save for a home while receiving a rebate on your personal taxes.  Save for a home and pay less taxes? YES PLEASE! Go ahead.... make a contribution today. 

Stay tuned on WEDNESDAY for #2 from the Top 10 Government Grants and Rebates available for BC Home Buyers and Sellers.   

Be a friend .... Pass this along :) 
Questions? Feel free to reach me on my direct line below.

Lacey Forward 
604-910-LACE (5223)  
www.homeswithlacey.com 

PS: Please be sure to keep me in mind whether you or a friend are looking to purchase or sell your existing home.