First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES

Source: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html     Did you buy your first home in the last tax year?     First-time home buyers who acquire a qualifying home can claim a non-refundable tax credit on their income taxes.   Find out what are the current rules and find out more information:   Read the current information on Revenue Canada website linked here and discuss with your accountant to be sure you claim this credit if you qualify.

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Tips to Improve Your Credit Score

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion!   However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power. Credit scores range from 300 to 900, the higher your credit score the better. Ideally, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.   This score is based on spending habits and behaviours including:   Previous payment history and track record of paying your credit accounts on time is the number one thing that your credit score considers. Your current level of debt and whether you’re maxed or not is the second most important factor. How long you have had your credit in good standing is the third most important factor. Attaining new credits is the fourth factor and can be a red flag if you’re opening several credit cards, accounts, or loans in a short period.   If you want to improve your credit score, you can! It is a gradual process, but it is well worth it. Here are some tips to help you get started!   Pay Your Bills: This seems pretty straightforward, but it is not that simple. You not only have to pay the bills, but you have to do so in full AND on time whenever possible.  Paying bills on time is one of the key behaviors lenders and creditors look for when deciding to grant you a loan or mortgage. If you are unable to afford the full amount, a good tip is to at least pay the minimum required as shown on your monthly statement to prevent any flags on your account.  Pay Your Debts: Whether you have credit card debt, a car loan, a line of credit, or a mortgage, the goal should be to pay your debt off as quickly as possible. To make the most impact, start by paying the lowest debt items first and then work towards the larger amounts. By removing the low-debt items, you also remove the interest payments on those loans which frees up money that can be put towards paying off larger items.  Stay Within Your Limit: This is key when it comes to managing debt and maintaining a good credit score. Using all or most of your available credit is not advised. Your goal should be to use 70% or less of your available credit. For instance, if you have a limit of $1000 on your credit card, you should never go over $700. NOTE: If you find you need more credit, it is better to increase the limit versus utilizing more than 70% of what is available each month.  Credit and Loan Application Management: Reduce the number of credit card or loan applications you submit. When you submit too many credit card applications, your credit score will go down, and multiple applications in a short period can do more damage. You’re best to apply for one or two cards and wait to see if you are accepted before attempting further applications.  If you have questions about your credit score, don’t hesitate to reach out to me today! Whether you want to check your score or find out how you can improve it, my door is always open.   Your credit mix is the final aspect of your credit score to determine whether you have a healthy mix of credit cards, loans, lines of credit, etc.   Source DLC  

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Brantford ON Pre-Construction and New Homes for Sale

Unlocking Your Dream Home: Pre-Construction and New Homes for Sale in Brantford ON  In the ever-evolving world of real estate, the quest for the perfect home often leads potential buyers to explore innovative options. One such avenue gaining prominence is the realm of pre-construction and new homes for sale. These offerings provide a unique opportunity for homebuyers to shape their dream living spaces from the ground up. In this blog post, we will delve into the exciting world of pre-construction homes, exploring the advantages, considerations, and the journey of turning a blueprint into a personalized haven. Understanding Pre-Construction Homes: Pre-construction homes are properties that are available for purchase before they are built or completed. This approach allows buyers to secure a property at a pre-determined price, often benefiting from more favorable rates compared to purchasing a fully constructed home in a competitive market. By investing in a pre-construction property, buyers can also enjoy the advantage of customization, tailoring their homes to suit specific preferences and needs. The Benefits of Pre-Construction Homes: a. Financial Advantages: Pre-construction homes typically come with lower initial costs compared to existing properties in the market. This financial advantage is coupled with the potential for property appreciation, offering a lucrative investment opportunity. b. Customization Opportunities: One of the most exciting aspects of pre-construction homes is the ability to customize the living space. From choosing floor plans to selecting finishes, fixtures, and color schemes, buyers can actively participate in the creation of their dream home. c. Modern Design and Technology: Pre-construction homes often feature the latest in architectural design and technological advancements. This ensures that buyers not only invest in a property tailored to their tastes but also enjoy the benefits of contemporary living. Navigating the Process: a. Research and Due Diligence: Prospective buyers should conduct thorough research on reputable builders and developers. Examining their track record, completed projects, and customer reviews can provide valuable insights into the reliability and quality of their work. b. Understanding Contracts and Timelines: It's crucial for buyers to carefully review and understand the terms of the purchase agreement, payment schedule, and construction timeline. A clear understanding of these aspects helps manage expectations and avoid potential pitfalls. c. Working with a Real Estate Professional: Enlisting the services of a knowledgeable real estate agent specializing in pre-construction homes can streamline the process. These professionals can guide buyers through the intricacies of the transaction, ensuring a smooth experience. New Homes for Sale: Beyond Pre-Construction: In addition to pre-construction homes, buyers can also explore newly constructed homes for sale. These properties, though already built, offer the advantage of being brand new, often featuring modern amenities and energy-efficient technologies. Exploring the new homes market widens the array of options available to buyers seeking a turnkey solution without the wait associated with pre-construction. Investing in a pre-construction or new home for sale is a thrilling journey that combines the excitement of personalization with the promise of a fresh start. As the real estate landscape continues to evolve, these options empower buyers to not only find a house but to actively participate in the creation of a home that reflects their unique vision and lifestyle. Whether opting for the customization potential of pre-construction or the immediate gratification of a new home, the key lies in thorough research, careful consideration, and the guidance of experienced professionals. So, embark on your journey to homeownership with confidence, and let the blueprint of your dream home come to life. Pre-Construction and New Homes for Sale in Brantford ON    Search MLS for New Homes for Sale in Brantford ON

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