Are you looking forward to being a homeowner in Canada? The real estate market in Canada probably has something nice for you. Is there any Government of Canada program to help homeowners? This question must have crossed your mind at some point. Having the answer to that question is probably among the things you need to know as a potential homeowner.
The simple answer to that question is yes. The Government of Canada has undoubtedly thought of people who admire being homeowners. If you are one of them, then you are more than lucky. There is a program in place known as the Home Buyers’ Program (HBP). This program allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP). You can then use the funds to buy or build a home for yourself. You can as well buy or build for one of your relatives who has a disability. The plan gives you a chance to pay back the funds you withdrew within 15 years. Isn’t this an easy way for you to venture into the real estate market in Canada? You should possibly consider this as the avenue that will enable you to buy or build a home.
However, not everyone can qualify to benefit from this program. There are requirements to be met first. For you to be eligible, you must be considered a first-time home buyer. A written agreement for you to buy or build a qualifying home must also be there. That agreement should be written by you. It can either be for you or for that person who is related to you and has a disability. From the time the funds are withdrawn up to when the house is bought or built, you have to be a Canadian resident. Those are just some of the requirements for you to be considered eligible for the program. You should keep that in mind before investing in real estate.
With that being said, you can invest in any kind of home in Canada. There is a lot to gain more than just living in a home. For instance, you can invest in one of the pre-construction homes that are out there waiting for buyers like you. Some of the benefits of pre-construction homes are as follows:
No bidding wars
Unlike new construction homes, when it comes to pre-construction homes, there are no bidding wars. Bidding wars can be the last thing any potential homeowner can want to experience. When buying a pre-construction home, the price is set. In this case, you will be sure of what you will pay to acquire ownership of a home. Bidding wars can make you lose the chance of buying your desired home if you can’t match the highest price. So if you want to avoid getting into this mess, you better go for a pre-construction home, and you’ll be sorted. Come to us, and we will present you with the best deal ever.
A 10-day cooling-off period
When it comes to pre-construction homes, there is something known as a 10-day cooling-off period. This is a period where you have the opportunity to think about the deal. This period starts after the agreement has been signed. During this time, you will have the opportunity to do a background check as far as the builder is concerned. You will have to find out what kind of a builder they are. Reputation is essential in the real estate market. All you will do is check their reviews as well as the feedback from clients they have worked with. Once you are satisfied with what you will find out, you will be good to go. You will then smoothly proceed with the process of buying your pre-construction home. This is something you will not get when buying a new construction home. Buyers will be hurrying to buy and therefore there’s no time for this cooling-off period.
Extended deposit structure
When buying pre-construction homes, you don’t have to struggle with the deposit. Usually, the deposit is 20% of the price of the home, but for a pre-construction home, you’re a bit relieved. You are relieved in a way that you will not be required to pay the deposit at once. The deposit is paid in installments. For instance, you can pay 5% at the beginning of the deal to clear the remainder at given times. This allows you to save money for the deposit if you didn’t have the whole amount. You will not have to complain again that you don’t have the amount required for the deposit. Such a flexible deposit structure is what you probably need. With the little you have, you can get into the buying process. All you need to do is to look for a much more affordable deal, and you are good to go.
Freedom of customization
Customization in pre-construction homes can be a bit easier than you think. As soon as you enter into the deal, you have the liberty to make changes regarding the layout of the house. You can propose some changes so that the outcome suits your needs. For instance, you can propose changes be made to the type of paint, doors, sinks, and even the positioning of rooms. All these will be in line with making sure you get something that truly makes you satisfied. You don’t have to worry about your needs because you can always do customization.
Do you think you’re now ready to own a home in Canada after knowing that? Of course, you are because things are a bit easier. You can take advantage of this program, and just like that, you’ll become a homeowner. The Home Buyers’ Program (HBP) is simply putting you a step ahead as far as investing in real estate is concerned. If you have the opportunity to access this program, then you have nothing to worry about owning a home. If a pre-construction home is your preferred choice of home then you know we got you. Don’t hesitate to come to us.