First time home buyer – things you should know about new home tax rebate

First time home buyer – things you should know about new home tax rebate

Of course, are excited now, that you finally bought your first house. You feel more responsible, with a property of your own. However, you should not lose a few aspects from sight. One aspect is the new home tax rebate that can reach up to $16,080. If you are the owner of a home and recently made consistent improvements, have in mind that you are also eligible for this type of tax rebate. Therefore, be wise and inform yourself in this matter. You could get back a consistent amount of your money and you should take advantage of it. Here are some tips on how you should proceed to do so.

Contract a specialised agency

Dealing alone with all the necessary paperwork is something you should not attempt to do, because the process is complex and you do not have the necessary expertise. When contacting professionals to help you in this matter, all you need to do is to send them the requested documents and let them do the tricky part for you. All you need to know is that only individuals having the principal residency at the proposed property for a tax rebate are eligible.

Simple, yet effective

If you contract a specialised agency and book a meeting, you must bring with yourself all the construction invoices, a copy of the home insurance policy and floor plans. From there, a specialist will professionally handle the situation with no fees in advance. Their charges come only after they make sure you will get part of your home tax back into your account.

You can benefit from a tax rebate regardless of the type of your house

The law defines as “house” every construction, mobile or not, from residential units, modular houses, condominium unit, duplex, and even a floating home. Therefore, you will not be restricted from a new house tax rebate based on your preferences in terms of housing or lifestyle. You can search the real estate market for whatever you prefer and be sure a trustworthy tax rebate company will do their best to enable you to get your tax back.

However, the process might take some time

If you expect to have your money back into your bank account the next day, you are expecting too much, probably. The process can take up to two years, especially if the initial investment was substantial. Therefore, besides hiring some professionals to deal with the process, our advice would be to have some patience and not expect instant results.

You might be put under some pressure when attempting to buy a new home or renovate your current one, especially financially. However, have in mind that by doing so you will provide your family with a permanent shelter. Additionally, you can adjust your bank account by applying for a new house tax rebate. Although the process might take some time, you will be able to get back part of your investment with the help of a professional consultant.