First Time Buyers
Are you tired of paying someone else's mortgage? Salt Spring Island real estate market is high-end; however, if you can afford to get into the market, it’s a good investment as Gulf Islands real estate prices continue to rise.
A few factors will continue to drive the market. Baby boomers are retiring, and Salt Spring Island is a retirement paradise. The 2010 Olympics will bring a worldwide market to our area, and for many buyers, it all starts with a casual visit to a beautiful island. Salt Spring will also continue to be a gateway to the new Gulf Islands National Park. Although prices seem high, real estate is still quite reasonable compared to other world island destinations.
You may need to put your dream home on hold and start with a modest starter home. How about looking for a home that will provide you with a mortgage helper. An in-law suite may give you the help you need to make mortgage payments. Chances are you are paying high rent and it is only going to go up. Homeownership will give you the stability of long-term living on Salt Spring Island.
Where Will the Down Payment Come From?
• Savings and Investments
• Registered Retirement Savings Plans (RRSP): the government currently allows you to withdraw $20,000 per individual ($40,000 per couple) with no tax penalty as long as you pay the amount back into your plan within 15 years.
• Gifts or loans from family — if you are so lucky.
Have Sandra connect you with a mortgage broker who can discuss all financing options available to you. It certainly can’t hurt to explore the possibilities of home ownership.