First-time home buyer individuals
First-time home buyer individuals come in many forms. They can be single, married, divorced or just a couple of friends. There are no specific rules in this area as to one’s lifestyle to buy their first home.
How to recognize a first-time home buyer
In the real estate world, there is always plenty to discuss concerning first-time home buyers, their preferences, and problems they may encounter. We know such things as the real estate programs they investigate & their average tax brackets, but there is very limited information about their specific accomplishments. It is of particular interest to know what kind of individuals they are, what they do for a living, their average age, etc.
- Recent surveys can shed light on some of these points. So keep reading and you will probably recognize yourself in the description of an average first-time home buyer. And who knows, if not, it’s quite probable you will become one of them after reading this article.
If you are still reading, there is a chance you are one of them, you just don’t know it yet. Let’s see
- Subconsciously you are dreaming about owning and no more renting.
- During the lunch break at work, you are looking through real estate magazines.
- Recently, you decided to quit smoking and/or attending bars every evening, so as to save a downpayment.
All these are vivid signs you are considering making a huge step in your life. Home ownership is a long but exciting way to your independence, freedom and being the master of your life. The small but meaningful sacrifices you have already started making testify that soon you will join the ranks of first-time home buyers. Read on and you will probably recognize yourself in the description below.
Who actually are the first-time home buyers?
- The average first-time home buyer is an individual in their 20s, in fact, most probably later 20s. On the basis of received information, the surveys have calculated that the average age when individuals decide to buy their first house, is twenty-nine.
- The average cost of their house is about $300,000. This amount will vary depending on the city you choose and the district you pick.
- The majority of first-time home buyers at the beginning have about $15,000 of savings. This is their down payment for the house.
This particular group of individuals is the most active among first-time home buyers. The reason for this is quite evident. These are the people who start building their lives together. It is natural that they want to create a family, have kids and a small patch of land with a flowerbed in front of their house. As a rule, these individuals treat the event of buying a house extremely seriously, and they are among those who most often turn to real estate lawyers for guidance. The reasons are quite different ranging from the simplest – “if one of the spouses can buy a property if another already has one” to the clarification of marital obligations. Anyway, firstly, it is necessary to answer the question about buying a house if another partner is already an owner. According to the law, a spouse who does not, and has not owned a property can not be considered a first-time home buyer. In fact, before marriage couples should be aware of how their taxes and tax return opportunities can change. In a case with real estate tax the situation is as follows; If a couple decides to use the first-time homebuyer’s credit, they are entitled to claim $5,000 for a house purchase on the condition that neither of them has had a property in the last four years.
They are a large group in our society and they also tend to be one of those first-time home buyers. Some of them plan to live together and get married in the future. Despite their relationship, the real estate issue is always a concerning point. Unmarried couples who decide to buy a house will face different regulations than those who are already married. For example, the unmarried will not have such privileges as their married counterparts have. In particular, are tax credits, rebates, special mortgage schemes. Nonetheless, there still are overwhelming reasons for owning property even if you are unmarried. To make the most out of this meaningful event in your life – first, learn as much as you can about credit alternatives, requirements, and restrictions. You should also consult a Realtor or a real estate lawyer. Finally, you should know that if the relationship ends, the person who officially qualified, bought and repaid the credit, is the legal owner of the property. However, at this point in time, you should consult a lawyer regarding a settlement.
This group constitutes a majority of first-time home buyers according to surveys. Such people are independent and self-confident. As soon as their income allows, and it usually happens in their late twenties, they start thinking about real estate of their own. The ideal down payment is 20% which is quite an affordable amount. Especially taking into account the fact that the Calgarians have one the largest average incomes in Canada. However, for those that didn’t manage to save this amount, the insured mortgages are a good alternative.
Yes, single women are not only homeowners but also the dominating group in society that hold real estate property ownership. The survey in the Royal LePage Female Buyers Reports state that the number of women homeowners prevails men. The reasons for this are dictated by the changing society we live in. Every day women are becoming more and more independent. This fact is reflected in the reasons why they prefer owning a house over renting it.
- They find it more logical to invest their income in real estate than to take a fancy vacation to another part of the world.
- Women believe that it is more reasonable to own a house rather than rent it. While men enjoy the atmosphere of a rented house, the freedom it gives and the opportunity to move to another place whenever you want.
- The last and probably the most innocent reason. Women believe that house ownership gives them a higher status in society & makes them feel more respected. Simply, they are proud to be a confident owner of their own property.
Misfortunes happen and one of them is called divorce. Such things happen and people have to get accustomed to them and learn how to move on. Not only with their lives but with or without beloved and cherished houses and all their chattels.
When getting divorced, there are many scenarios to consider including the following;
- One spouse buys the house
- The other spouse buys it
- They decide to sell it and divide everything equally.
Every option is time-consuming and demands the special attention of a lawyer. Trying to save money on hiring one can even worsen the situation and inflict an undesirable outcome. All in all, it is worth mentioning that Calgary has the youngest first-time home buyers in Canada. It can be explained by the fact that the Calgarian’s earnings are one of the highest in Canada. These two facts speak for themselves. Putting it simply, Calgary’s economy is growing. Its area is fertile for the businesses that are relocating to the city. Consequently, the real estate market is booming. Come and see for yourself!