YOUR MAKING YOUR LANDLORD RICH! Part 2

Last week we discussed and outlined the cost to purchase a Condo and this week I will be highlighting the purchase details of a Townhouse.  Take a look below. 

                                                  THIS COULD BE YOUR HOME!

TOWNHOUSE PURCHASE #1 (2 bdrm with garage and small yard)

Purchase Price- $270,000 

Min 5% Down Payment- $13,500 (If you have more then your monthly payment will be less)

Mortgage Including CMHC- $263,554

Strata Fees - $150

Property Taxes: $115

PPT - FREE if you're a first time home buyer

Mortgage Rate - 2.99% 

Amortization- (length to pay off the loan) 25 years

TOTAL PAYMENT: $1511 month

REMEMBER: You get $10,000 back on this purchase from the government if it's a brand new     home. 

TOWNHOUSE PURCHASE #2 (3 bdrm with garage and small yard)

Purchase Price - $325,000 (3 bedroom Townhouse)

Min 5% Down Payment - $16,250 (If you have more your monthly payment will be less) 

Mortgage including CMHC- $317,858

Stata Fees - $150

Property Taxes- $125

PPT - FREE if you're a first time home buyer

Mortgage Rate-  2.99% 

Amortization- (length to pay off the loan) 25 Years

PAYMENT: $1777 Month - Now isn't that a heavenly number :) 

REMEMBER: You get $10,000 back on this purchase from the government if it's a brand new     home. 

So I ask you this question; If you're paying this amount in rent or more WHY ARE YOU RENTING AGAIN?

Consider purchasing a condo or townhome and OWN for a similar price or less than renting! Pay yourself instead of the landlord!

If your single, consider renting out one of the rooms to a room mate for approx. $500 month. This is what I did before I got married and it worked great.  

Feel free to call or email me if you have questions or if you would like to put together your ROADMAP TO HOME OWNERSHIP.  I'd say it's worth at least a phone call wouldn't you?

EMAIL: lacey@homeswithlacey.com  PHONE: 604.910.LACE (5223)

*Did you find this information useful? If you did please let me know by leaving a comment, and 'SHARING' it with a friend.

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.

AN EXPERTS TAKE ON THE "HOUSING BUBBLE"

I read an interesting article today from BC real estate association's chief economist.  Most of the 2 second clips on the news these days are playing with our emotions including mine.  It's really kind of them to educate us with a whole 2 seconds news flash.  (sarcasm)  Always get the whole story before you make big decisions and look at your personal scenario. The news is out there to get great reviews not to be your financial advisor.  Look to the experts and get the WHOLE PICTURE. Take a look at the link below.

http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/2012-11bulletinarticle.pdf

2012 CURRENT MARKET UPDATE

As everyone has returned from summer holidays, activity has picked up and the fall market is in full swing.  In the recent Real Estate Weekly, CIBC’s chief economist wrote a column stating that BC will lead in housing sales over the next decade and that current media coverage is highly exaggerated. (Click here to read full article: http://issuu.com/rew1/docs/ly-sep7 )That being said, when you are making a home decision, plan to be in the home for 5 years. Don’t make a decision based on fear or speculation—make a decision based on what you want, need, and can afford. Be realistic. 

First Time Home Buyers Opportunities = FREE MONEY & Candy Store Selection of Supply

-  $10,000 Buyers incentive that is only available until March 31, 2013 

   (New Construction purchase)

-  Save on the property purchase tax (Properties under $425K) 

-  Use your RRSP savings towards your down payment 

-  $750 tax credit (CASH). 

For those of you who have not owned in the last 4 years, you can also qualify for the $750 CASH incentive. I will be hosting a short, informal seminar later this month for home buyers. I will be covering these grants, as well as what you need to do to get them.

With prices being steady, it presents a great opportunity for those who want to upsize. Interest rates are still at all time lows, and for properties that have suite potential, often times it costs less per month to live in the house than it would to live in a townhouse: more space, a backyard, and a similar monthly payment. 

Be sure to call me before you decide to buy or sell. 

604-910-LACE (5223)