Showhome Viewing Tips 101
Buying a new home is an exciting and rewarding experience however it can be a little daunting when you first start out. Visiting showhomes is a great way to introduce yourself to the product a builder has to offer while also discovering exactly what kind of housing features appeal to you. However, as enjoyable as show home viewing can be, it can become confusing and overwhelming when there are so many properties to see.
[vc_row][vc_column width=’1/2′]
DID YOU KNOW…
CMHC OFFERS A FIRST TIME HOME BUYER FEDERAL INCENTIVE
Take 10% off the price of your new home
- The incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. A 5% reduction is instead offered for new owners of an existing home.
- Zero interest and pay it back after 25 years or when you sell your home (no early repayment penalties)
- As home value increases the repayment increases. As home value decreases the repayment decreases.
Mortgage calculation without federal incentive:
Cost of a new Cedarglen Living townhome $350,000.00
Down payment 5% $17,500.00
Total amount of mortgage $332,500
Mortgage rate 3%
Mortgage payment $1,636.49
Mortgage calculation with federal incentive:
Cost of a new Cedarglen Living townhome $350,000.00
Down payment 5% $17,500.00
Federal 1st time homebuyers incentive $35,000.00
Total amount of mortgage $297,500.00
Mortgage rate 3%
Mortgage payment $1,464.23
Savings of $172.26/month
The incentive will help up to 100,000 new homeowners
- Household earnings under $120,000 are eligible
- Can be used for mortgages up to $480,000
- First come first serve process
- Applications open September 2, 2019
- First payouts, early November 2019
For more info visit: www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive
[/vc_column][vc_column width=’1/2′]
To make the most out of your house hunting experience and to ensure it’s an enjoyable process, here are some tips to get you started.
Choose a community
Consider your lifestyle and where you want to live in the city. Does it offer what you want in a community? Is it near your work, schools, day care, and shopping? Do you want to be close to the major roads with easy access to things such as the airport, downtown or the mountains? Make sure to consider both your present and future needs.
Visit the builder’s website
Checking out what’s available online, will give you an overview of the price ranges the builder offers in the area you’re considering. You can also browse through models and floorplans and take a virtual tour. This will save you time when visiting the showhomes in person.
Make a list
Record your must haves and your deal breakers. Knowing what you want and having clear set parameters will help in your decision-making process.
Plan your showhome visit
Avoid high-traffic times and limit the number of properties you see in a day to avoid feeling swamped and fatigued. Make sure to take a few notes in each home so you can easily remember what you liked or didn’t like. Taking photos of the units, selections and upgrades that you like is a great way to remember specifics.
Ask questions
Enlist the help of the sales team to take you on a tour of the show home and note what is included and what has been upgraded. If the information you are getting doesn’t make sense, ask more questions. You may even want to book an appointment with the sales team during the week so they can spend more time with you.
Stay in touch
Follow up with the Sales Manager directly or sign up for the mailing list. Be the first to know about future projects and receive useful tips for the home buying process. Following the builder on social media is a great way to stay in the loop about giveaways, promotions and incentives that are happening in your areas of interest.
[/vc_column][/vc_row]
Most importantly, have fun!
Take your time and enjoy the process. Investigate the floorplans, admire the designs, examine the fixtures, and feel the textures – you will know when you’ve found the place you want to call your own.
