Three Things Most First Time Buyers in Halifax Don’t Know

It's never too early to learn about the home buying process. With low inventory and higher interest rates compared to previous years, I know it's difficult working towards buying your first home in Halifax right now. Everybody has to start somewhere though, and learning as much as you can about the process is a great first step!

Here's a few things to know when starting your real estate journey in Halifax and the surrounding area.

Pre-Approvals Expire

Getting pre-approved is the first step in the Halifax home buying process. Most pre-approvals expire after 120 days, but that doesn't mean that you have to have an accepted offer on a home within that timeframe. Renewing your pre-approval is often a simple process with your mortgage broker. As long as nothing has changed in your financial situation, i.e. if you changed your job or if you took out a new loan, you'll likely qualify for the same amount.

How Much To Budget for Closing Costs

In addition to your down payment, you'll need to budget for closing costs. In Halifax, this usually amounts to 3% to 5% of the purchase price. Closing costs include home inspections, lawyer fees, land transfer tax, property tax adjustment, oil adjustment and more.

Your Can Lower Your Taxable Income To Help Save Up For Your Downpayment

Canada’s First Home Save Account (FHSA) combines the benefits of the TFSA and the RRSP. It allows you invest, grow, and withdraw your money all tax free, and contributions are tax deductible. If you’re planning on buying a home any time within the next 15 years, open this account now!

If you have any questions on the home buying process or a particular home for sale in Halifax, ask me by texting or calling 902-497-3599 or email me at elizabeth.warwick@c21.ca.

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