Becoming a homeowner for the first time is an exciting milestone, but we understand it can also feel overwhelming. At Stranville Living Master Builder, we’re here to guide you through every step of the process. Whether you’re curious about the best mortgage options or need advice on Alberta’s home-buying incentives, we’ve got you covered.  

Understanding the Basics: Your First Steps to New Home Ownership 

When you’re buying your first home, it’s easy to feel like there’s so much to learn. You might be wondering how much you need for a down payment, what the benefits of a Tax-Free Savings Account (TFSA) are, or what kind of incentives are available for first-time home buyers in Alberta. These are all important questions, and we’re here to provide you with the answers. 

Down Payment and Financing Options 

**New as of August 1, 2024**

Traditionally, first-time homebuyers with less than a 20% down payment had a maximum amortization period of 25 years. But thanks to a new rule that came into effect on August 1, 2024, first-time home buyers can now take advantage of a 30-year amortization on new builds – even with less than 20% down! This means lower monthly payments and less money up front, making homeownership more accessible than ever. Talk about a game-changer!

Take Advantage of Alberta Home Buying Incentives 

Alberta offers a range of incentives to make buying your first home easier. From tax credits to grants, these benefits can help reduce the financial burden of purchasing a new home. We can help you navigate these options and ensure you’re getting all the benefits you’re entitled to.

TFSA and Tax Credits 

Using your TFSA for your down payment is a smart move, as it allows your savings to grow tax-free. Additionally, don’t forget about the First-Time Home Buyers’ Tax Credit, which provides a non-refundable credit on your taxes, giving you a little extra financial relief when you need it most. 

Navigating Buying a Home for The First Time: Tips and Advice 

Once you’ve got the basics down, it’s time to dive into the details of buying your first home. Here are a few tips to help you along the way: 

Get Pre-Approved for a Mortgage 

Before you start looking at homes, it’s crucial to get pre-approved for a mortgage. This gives you a clear idea of how much you can afford and shows sellers that you’re a serious buyer. 

Consider Your Long-Term Plans 

When choosing a home, think about your long-term goals. Are you planning to start a family? Do you need space for a home office? Consider what you’ll need in the years to come, not just what suits your current lifestyle. 

Don’t Be Afraid to Ask Questions 

We know that buying a home is a big decision, and it’s natural to have questions. Whether you’re wondering about the construction process, the neighborhood, or what features you should look for in a new home, our team is here to help. 

Why Choose Stranville Living Master Builder? 

At Stranville Living, we pride ourselves on making the home-buying process as smooth and enjoyable as possible. Our show homes are open Monday to Thursday, as well as Saturday and Sunday, so you can stop by at a time that works for you. We’re always here to answer your questions, provide guidance, and help you find the perfect home. 

Remember, you’re not just buying a house; you’re investing in your future. And with the right information and support, you can make this journey with confidence. We’re here to make sure your first home is everything you’ve dreamed of.   

Ready to take the next step? Visit our show homes or contact us today. Let’s make your dream of homeownership a reality!