New Homebuyer Tips for 2018

Whether you’re preparing to purchase your first home or looking to refresh and top-up your home buying knowledge, our list of valuable tips and resources is sure to help you along your new home buying journey.

As a flexible builder, our Coventry Homes team prides themselves on providing outstanding service to a wide range of clients. From first-time homebuyers to seasoned homeowners who know exactly what they want in their next upgrade, we take the time to learn about each of our clients’ individual lifestyle needs and deliver a home that exceeds expectations.

The Coventry Homes New Home Buyers Program

Our new homebuyers program consists of the following steps:

1. Deciding on the home you want to purchase
2. Arranging for your mortgage
3. Choosing your new home finishings and features
4. The construction phase
5. New home orientation
6. Closing on your home
7. Move-in (time to celebrate!)
8. A scheduled follow up with a Coventry team member

We’re here to support our clients through the entire new home buying process. To help ensure every question is covered we also provide a comprehensive Homeowner Guide that assists through every step.

Tips for Buying Your First Home

If you’re building or buying a new home for the first time here is some important information to consider:

• You may be eligible to withdraw up to $25,000 tax free from your RRSP to build a new home through the Government of Canada’s Home Buyer’s Plan! First-time homebuyer’s can learn more about his opportunity here.
• A non-refundable first-time homebuyer’s tax credit is also available through the New Home Buyers Tax Credit. This home buyer credit is based on the lowest personal income tax rate for the year and can be claimed by the named homeowner, the spouse of the homeowner, or can be divided between spouses. Read about the government’s First Time Home Buyer’s Tax Credit to see if you qualify.
• Be aware that as of January 1, 2018, borrowers applying for a conventional mortgage (mortgages with more than a 20 percent down payment) have to qualify under the Government of Canada’s new “stress test” rule. This also affects getting pre-approved! Read our informative blog post to learn more about this new rule and how it affects you.
• Refer to our Calculate House Payment page for useful worksheets that can help first time home buyers determine what you can afford for a down payment, monthly payments and price range
• Think about making bi-weekly payments instead of monthly payments (that’s just 2 extra payments per year). It can have a significant impact on your mortgage – ask your lender for more details!
• Find for more resources here.

Be sure to discuss these important programs with your accountant or preferred lender – it may help you get one step closer to building the home of your dreams!

Visit our website to learn more about our huge selection of impressive Coventry Homes! Our single-family homes, townhomes, and duplex homes are located throughout many of Edmonton’s coveted communities! Contact us today for more information about our quick possession homes or visit one of our gorgeous showhomes. Plus, take advantage of our FREE Basement Promotion! Maximize your budget and get more living space with a free basement development when you build select Coventry home models – click here for all the details!