Jeff Shields RE/MAX Anchor Realty serving Qualicum Beach, Parksville, French Creek, Coombs of the Oceanside area on Vancouver Island British Columbia

Jeffery Shields - REALTOR

RE/MAX Anchor Realty
(Independently Owned and Operated)
113 West 2nd Avenue, PO Box 1890
Qualicum Beach, BC V9K 1T5 Canada
Cell: 250-240-5021
Bus: 250-752-2466
Fax: 250-752-2433
Toll Free: 800-668-3622

Fifteen ways to leave your mother

How to help the kids buy their first home

If your kids are digital kids, between the ages of 18-26 or Generation Xers heading into their 30s, they may be thinking about settling down or buying a home for an investment. If they don't have a down payment, take note. Show them these tips and within a short while, they will.

  1. Are they celebrating a birthday? How about an important holiday? Why not set up a down payment account? Then let mom, dad, grandma, older siblings and anyone else who usually buys gifts, write a cheque instead.
  2. How your clients recently accomplished something important like getting good grades on a college course? Let relatives and friends know and tell them about the down payment account.
  3. Have your clients been thinking about setting a wedding date? Families and friends love weddings and always want to know what to give as gifts. Mention the down payment account.
  4. If your clients are fed up with the clutter in their apartments, encourage them to hold a sidewalk or garage sale and put the proceeds into an account.
  5. Make their own. Breakfast, lunch, dinner, coffee — eating out is expensive. Have your clients keep track for a week and then start making their own. They'll be surprised at how quickly the savings add up.
  6. Onside with the government. If your clients have RRSPs they can use up to $20,000 each for a down payment under the Home Buyers Plan. That's $40,000 per couple.
  7. First-timer rebates. In BC, the property transfer tax is 1% of the first $200,000 and two percent of the remainder — but first-timers are exempt.
  8. Downscale. If your clients have a one-bedroom apartment in a high-rent neighbourhood, have then consider switching to a bachelor suite. Saving just $300 a month will add up to a down payment within a year.
  9. One plus. Ask your client to consider buying with a sibling. They were roommates together all through childhood, so they know what you're getting into.
  10. Two can live cheaper. What about buying with a close friend? Make sure they spell out the fine print.
  11. The more the merrier. Consider a larger property. Find the home your client wants and have them buy it as a group. Again, spell out the fine print.
  12. Stay home. If your client is single or living with their parents and have them consider buying a home and renting it out as an investment?
  13. Tell your client to lower their expectations. Instead of a five-bedroom home, they could consider starting with a two-bedroom condominium.
  14. Everyone wants to live in the best of the best. But if they can't afford it, show them homes for sale in lower-priced neighbourhoods.
  15. Handy? Find them a home in need of tender care and away they go! Get an inspection first so they know exactly what repairs are needed.

Source: REBGV