1. Get Rebates and Tax Credits
There are only a few ways that your home will give you cash before you sell it, and one of those instances happens right away in the form of GST rebates. You can apply for these after the purchase has gone through, but there are a couple of stipulations. First, the home has to be new or substantially renovated. Next, it needs to purchased for less than $450,000, which is actually fairly easy in Edmonton’s current market.
The First Time Home Buyer’s Tax Credit is an absolute must as well and can land you up to $5,000. This money can go a long way in helping you pay off the closing costs and hidden fees of buying a home, including legal fees, disbursements and land transfer taxes.
2. Get a Nest Egg or Two