Question by : Do I have to give back my first time home owner tax credit? I bought a new house last October and it is my primary residence now. I can claim the first time home owner tax credit on it. But this June I am moving to Dubai permanently (no intention to come back again) and I would lease out this primary residence since I cannot sell it at the moment (market down). In that case, do I need to give back my first time home owner tax credit since my primary residence would become an investment?Would it be better if I don’t claim the tax credit in the first place? Any help would be appreciated. Thank you!
Answer by neoplop The first-time homebuyers’ credit is yours to keep. It can only be used once.http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html
Question by down4uboo: If I own a non-homestead property, can my husband still qualify for the first time home owner tax credit?
Answer by Kelly Is this a question about Australia’s First Home Owner’s grant? It seems your question does not belong in the Australia section as the FHOG is a government payment that can be used to assist in the purchase of a first home, rather than being a tax credit.
Question by KAJ81: Questions on First Time Home Owner? I am a first time home buyer who is purchasing an older house in an established neighbourhood. The house was built in 1954, and the old lady that lives in it has lived there since 1957. She is not the original owner but as far as I am concerned she is. Anyway, it is a buyers market and I am wondering if it is weird to ask the seller to pay for the home inspection. I am not an expert, but I did not see her having a dryer in the house, but she did have an outlet for it. I know that her electrical circuit box is outdated, and it makes me wonder about the wiring of the house, as well as plumbing because I was told that older homes are not always plumbed to handle a dishwasher and things like that. I don’t want to pay 500 dollars to find out I don’t want the house or that it has huge problems and I don’t think this little old lady has had an inspection done. I have asked that she pay for the inspection upfront and if I purchase the house I would pay her back at closing. too much to ask?I rent now and have all modern appliances and things I need. I do not want to move into a house where I pay slightly more per month, but can’t even plug in a computer, and new appliances. I know that her lifestyle has probably not made her to be aware of the concern, but I don’t think it is too much to ask. I have stipulated that if she pays for the inspection and I decide not to purchase, then she would own the report so that she atleast knows why I didn’t buy it and why potential buyers might not buy it at the price she is thinking. Any advice would be appreciated. If you think its too much to ask.. please say why, if its not, please do the same.I don’t want to feel like I’m asking too much from this lady, but I don’t want to pay for something out of pocket when I feel that it’s her house, and she should be willing to cover this minor expense if she really wants to sell the house.
Answer by spraynwalls it’s not out of line to ask the seller to pay for an inspection. However, this is usually the duty of the real estate agent to do, in order to ask for full documentation as part of full disclosure. If not them, then the buyer, who should know the real truth about problems before signing the purchase contract.This could really be a problem for the buyer, as any room additions or upgrades to the property usually requires a building permit, and anytime one is issued, the rest of the property has to be brought up to 2008 building & electrical code, not stay at 1957 code.
Why should first time home buyer with a buyer agent, if they want to buy a house? You may be wondering whether it’s worth, a means to help with this is the first real estate purchase. In my opinion, absolutely! There are many things you can do a buyer’s agent for you, whether you are a first timer or experienced in real estate investment. Why? Since an agent is legally responsible for representing your interests in the real estate transaction and is usually compensated by the seller, which means that they are motivated to find the right home for you and help you negotiate a fair price for the home of your choice. As a first time buyer, you are probably not using the local property market, and if you moved from somewhere else you might not know your new community as well. An experienced buyer agent knows the market and the properties currently for sale, and show you the properties that will meet your needs and budget. Also, your agent will be aware of new offers as soon as they come onto the market, perhaps before they are advertised to the public. For out-of-town buyers will know your agent is all about the local neighborhoods and the amenities they contain, making them the redressed areas to be proposed to suit your needs and your lifestyle. For example: • Are you a golf nut? Important is the proximity to a golf course for you? • Need berth, and want to be near a marina? • Let your children play hockey to be? • Or go to a private school? • Maybe you want to be in the catchment area for a particular public school, French immersion school or francophone school. Your buyer agent can also include references to other professionals whose services you might taken when buying that first home has fallen • Home inspectors; • Lawyers; • Cleaners; • Landscapers • and other craftsmen in your new community. An exceptional buyer agent tin inform themselves about all the little things that you need to learn when moving into a new neighborhood. Details such as: • Where are the better restaurants • Which cinemas have the most seats • introductions to social groups, so that you can meet people and make new friends where? They live, and even • Insider secrets on how to find where the best fishing spots. You can also able to potential problems in certain districts warn that it is associated reputation, flooding issues and the proximity to industrial areas (re noise and pollution problems). The insight of a knowledgeable buyer’s agent could save you a lot of trouble (and $ $ $ ). And that’s why first-time buyers should use a buyer’s agent to help them buy a home. So now you should understand how to help an experienced buyers agent can, for the first time home buyer the right home in the right neighborhood and how they can also help your transition go into being an owner more smoothly.
About the Author Geoff McLean
a realtor in Victoria BC, the property’s appeal is approaching with honesty, integrity and straightforwardness. Geoff is also the primary author of a blog about his hometown. Living in Victoria is a valuable source of information on the economy in Greater Victoria area for those who are interested in moving to this beautiful city. Are
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question from Heather : The first Home Owner Grant Hello, I and my fiance 19 and 20 and both the community college. We both have full time jobs. We are look to buy a house, it is actually cheaper than renting submitted to us. I have a kind of affection that young people buy their first home is helping. Does anyone know anything about that? Maybe someone who has gotten it, or perhaps a realtor? thank you all Best Answer:
response from chatsplas Yes, it’s a great contribution for the first time home buyers. It is a credit of up to $ 8000, a Steuergutschrift.Sie should try to be pre-qualified for a loan. I’m afraid you might not get in a position to mortgage-approval for a further year. They need stable employment (2 years for at least ane of you), adequate income, good credit, low-toned debt ratio, sufficient down payment. So you need 3.5 to 10% down payment cash. The rating agencies in 600s. Can buy at internal 2-3 times your yearly income: No huge carloans, credit card debt, large Studentendarlehen.Faustregel. Or not more than 1/4 of the monthly income for housing, not more than 1/3 Added by utility companies to buy in.Um now, guarantor or co-buyer might need, but check it out with a lender.