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HELPING YOUR KIDS WITH THEIR FIRST HOME IN CALGARY

by Stewart J Lowe & Associates

If you have a child that has just finished college you may want to know how you can help them purchase their first home. Hopefully they already has a job lined up so that they can afford to pay for the new home once you have helped them get onto the property ladder. Or they can postpone the plan to buy until they have all their "ducks in a row".

Many kids just out of college may of accumulated some debt but that doesn’t have to stop them from owning their own home. But you can help them purchase their own home by coming up with the down payment, by gifting the down payment to them. Make sure that you do not loan them the money because that can work against them in the long term, rather give them the down payment as a gift. This 'gift" is much better than any house warming or wedding present you could give them, and it is a gift that will be an investment for them. You will need to write a “gift letter” so that the lender realizes that the money is in fact a gift and not a loan.

 If you simply cannot afford to gift the money for the down payment you can give them a loan but the lender will have guidelines that you must stick to. The lender will consider the loan a second mortgage on the house and you may also be prepared to have interest in the loan as well. The interest rate will most likely be the current market rate.

You can apply for a mortgage jointly with your child if you want to help out in that way. You will be considered a non-occupant co-borrower. If however your child fails to pay the mortgage remember that you are responsible for it. This type of help towards a home purchase should only be done as a last resort, try and have them stand on their own two feet.

You may want to choose to let your recent graduate move back home with you until he or she can afford to take on a home mortgage without having to have help from you. By letting them move back in you are allowing them to be able to save. 

CALGARY & AREA FIRST TIME BUYERS

by Stewart J Lowe & Associates

FIRST TIME BUYERS


Buying a home for the first-home buyer may seem like an incredibly complex task. But, if you follow a good plan, it can be quite easy.

The first step for the first-time buyer is to have a good team picked - experienced professionals like real estate agents,mortgage broker, etc., these professionals will be your chosen team throughout the home buying process.

Next, it is important to figure out what you can afford. If you buy a home which will require you to pay mortgage payments which are in excess of a third of your income, you will have difficulty in keeping up with the mortgage payments. You will also need to look at property taxes, maintenance expenses, etc.

While making your offer to purchase, we will provide information to show you  what recent homes sold for in the area(s) of interest. This will give you a good idea regarding what is a reasonable offer. Most offers will have (but not limited to) a Home Inspection and Mortgage condition period, and only when you are comfortable will the conditions be waived.

A quality home is an investment that will not only be a great place for you and your family to live, but will also give you no reason to worry about issues like frequent repairs. We always go through everything with our clients and our golden rule is "No Suprises" everything is covered.

Call or email us for a First Time Buyer Meeting - and let's discuss your options.

info@calgarydreamhomes.com

JENCOR FIRST TIME BUYER HELP

 

JUST SOLD - EDGEMONT NW

by Stewart J Lowe & Associates

C/S IN ONE DAY - SOLD IN ONE WEEK- OVER LIST PRICE

Calgary DREAM HOMES  STEWART J LOWE & ASSOCIATES, RE/MAX HOUSE

 

SOLD - TESTIMONIAL

by Stewart J Lowe & Associates

I was first introduced to Stewart j. Lowe while living in the Hamptons in NW Calgary.  When transferred to Strathmore in 2005, I chose to use Stu to list our home in the Hamptons as well as asking him to find our new acreage home in the Strathmore area.
 
Our home in Calgary sold within the first month for very close to our asking price, and Stu then turned his attention to finding our new home. We wanted an acreage where we could keep our daughter's horses, and our son could dirt bike. Stu located the perfect place, and we happily lived there for 11 years. When I again transferred, this time to BC in 2016, we again chose Stu list our farm. He provided excellent advice on what to do, and what not to worry about, to sell our home.  Our farm sold within a very reasonable time frame given the difficult real estate market, for more than 95% of our asking price.
 
We could not have been happier with our choice of realtor!
 
Randall and Patricia Neely

BRAGG CREEK - JUST SOLD - REPRESENTED THE BUYER

by Stewart J Lowe & Associates

Just Sold - Represented the buyer. A fabulous home on 7 Acres in Saddle & Sirloin, Bragg Creek.
Congratulations to Bill & Karen from Calgary Dream Homes Stewart J Lowe & Associates at Re/max House. 

CALGARY MARKET TOP PRODUCER - THANKS TO YOU

by Stewart J Lowe & Associates

Just a big thanks to you all for contributing to me being in the Top Producer feature for Re/max House in the Calgary Herald last month. This month is looking (dare we say it) good and confidence always follows the market climb back, but we are going in the right direction !  Many thanks




Displaying blog entries 1-6 of 6

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Photo of Stu Lowe & Lora Greco Real Estate
Stu Lowe & Lora Greco
Real Estate Professionals Inc
202 5403 Crowchild Trail
Calgary AB T3B 4Z1
Direct: 403-850-0669
403.512.1316
Fax: (403) 476-7608

Presented by Stu Lowe & Lora Greco. Licensed Realtors at Real Estate Professionals Inc