First-Time Home Buyer

Buying a home for the first time can be overwhelming, so it's important to understand the process. At the Woolcott Team, we empower first-time buyers through an educational approach. We believe you should know your options—and what to expect. 

If you're preparing for a home search in the Hamilton-Burlington area, here's what you should know.


Buying vs. Renting 

Buying a home is a big step. If you're ready to stop renting and start your homeownership journey, here are just a few of the advantages you'll enjoy.

  • Cost Savings - If you make a smart purchase, buying a home can be less expensive in the long-term than paying for monthly rent.
  • Price Appreciation - Your home can increase in value, resulting in major returns on your investment when it's time to sell.
  • Home Equity - While renting means paying someone else's mortgage, the payments you make towards your own home will build your equity for when you need it.
  • Security & Privacy - When you own a home, you're secure in the knowledge that you can't be evicted—and you can forget about noise and privacy concerns.
  • A Place to Call Home - From renovating whenever you want to truly feeling like a part of your community, there's nothing quite like owning a home!


Why Work with a Buyer's Agent?

As a first-time buyer, you're bound to have questions. A buyer's agent is equipped to answer them—and help you achieve the best outcome possible. Here are a few reasons to consider working with a dedicated buyer's agent.

  • More Listings - Access to the Multiple Listing Service® (MLS) and other exclusive databases allow agents to find more homes that match your needs.
  • Full Coordination - From arranging property showings to helping you obtain financing, a real estate professional can coordinate every step of the process.
  • Expert Advice - An agent will explain forms and agreements, discover helpful information about prospective properties, and offer fully-informed counsel.
  • Complete Protection - Your buyer's agent will look out for your best interests, and suggest adding clauses to your agreement that will protect you.
  • Ongoing Guidance - Whether you're putting together a compelling offer or entering negotiations, an experienced agent will act as your advocate.


Financial Programs, Credits, and Refunds 

A home is a major purchase, but first-time buyers can reduce their financial burden by taking advantage of government programs, credits, and refunds.

  • First-Time Home Buyer Incentive - This government incentive offers you an interest-free loan in exchange for a stake in your home. If you sell within 25 years, you'll owe the government part of your profit (the same percentage that you borrowed). If not, you'll owe nothing.
    • The loan is for 5% of your purchase for a resale home
    • You can borrow 10% for a new-construction home
    • Qualifications include a max household income of $120,000, and 5% for a downpayment
    • The total value of your mortgage can't exceed $480,000
  • First-Time Home Buyer Tax Credit - This federal credit allows you to get a portion of their downpayment back. You can claim $5000 (non-refundable) when you file your taxes the following year, resulting in a total of $750 for home expenses.
  • Land Transfer Tax Rebate - When you buy a home in Ontario, you'll pay a Land Transfer Tax. You can get up to $4000 of this amount back through the Land Transfer Tax Rebate. 
  • Home Buyers Plan - This federal program allows you to withdraw up to $35,000 from your RRSP to buy or build a qualifying home. You'll have 15 years to repay the funds.


Ready to Buy?

Preparing to buy your first home in the Hamilton-Burlington area? A buyer's agent is standing by to take your call, answer your questions, and help you take the first step towards purchasing your dream property!