5 Ways to Save Money When Buying a Home in Montreal

by | Jan 06, 2023

Are you looking to buy a home in Montreal, Canada? With the high cost of real estate in major cities, it can be difficult for first-time buyers to get on the property ladder. Luckily, there are several ways to save money when buying real estate in Montreal.

Here are five money-saving tips when buying a Montreal home:

1. Consider Different Neighborhoods in Montreal

When buying a home, consider the different neighborhoods in the city. Each area has its own unique character and amenities that can help you save money when making your purchase.

For instance, if you’re looking for an affordable option, consider neighborhoods such as Sant-Isidore or Pointe-Calumet. Both have plenty of reasonably priced homes and a variety of activities to enjoy.

On the other hand, if you’re looking for something more upscale, you could look into neighborhoods such as Outremont or Westmount.

2. Take Advantage of Tax Credits

The Canadian government offers several tax credits to help first-time homebuyers save money when purchasing a property in Montreal. You can use tax credits to reduce the amount of taxes you owe on your purchase, helping you save money long-term.

For instance, the Home Buyers’ Plan (HBP) lets first-time homebuyers to withdraw a maximum of $25,000 from their Registered Retirement Savings Plan (RRSP) to buy or build a home.

Similarly, the Home Buyers’ Tax Credit provides up to $750 in tax relief for qualified purchasers of eligible properties.

3. Shop Around for Mortgage Rates

When buying a home in Montreal, it pays to shop around for the best mortgage rates. Lenders offer different rates and terms, so make sure you compare them side-by-side to find one that’s right for you. A good tip is to look at both fixed-rate and variable-rate mortgages to see which offers more savings over the life of the loan.

4. Buy a Fixer-upper

Buying a fixer-upper can be a great way to save money when buying a home in Montreal. By investing in an older property, you may be able to purchase it for much less than a newer one and then spruce it up as needed. Plus, there are significant benefits to buying an older home, such as lower taxes and insurance costs.

5. Utilize Professional Services When Buying a Home in Montreal

Utilizing professional services can save you money and give you a smoother house-hunting process. An experienced real estate agent can guide you through the buying process, from finding the perfect property to negotiating the best price for it.

Anthony D’Anello is one of Montreal’s leading real estate agents, helping homebuyers find the best homes to buy in the city. His experience and attention to detail enable him to zero in on the right property for each client’s needs.

Whether you’re looking to buy your first home or upgrade to a bigger one, Anthony D’Anello can help you save money on real estate in Montreal and ensure you get the best deal possible. Contact us today to set an appointment.