Considerations to Make so That You Qualify for a First Home Owners Grant
There are various ways that you can own your first home affordably and one of those ways is by applying for a home owners grant. Incase the money that you have is not enough then applying for the grant is something that you need to do. Below are some of the qualifications that you need to meet so that you qualify for the grant.
In order to take advantage of the first home owners grant it is important that it is your first property. The property need to be your first to own both partially or fully so that you are able to qualify for the grant. Should you be buying the property with your spouse, it needs to be their first one as well.
Make sure that you are also keen on the type of property that you are looking to invest in as well. It is important to ensure that the property that you are buying or building is brand new and it has not been lived in before. Keep an eye for houses that are renovated since you will not be able to qualify for a grant with them and it is therefore important to make sure that you get a brand new house.
The value of the house is something else that you need to look into most grants have limits when it comes to the value of the house. As you look for property, it is important to ensure that the property is within the value that is expected. Incase you are looking for property, it is important to ensure that it is within the expected value as well so that you qualify for the grant.
The home that you are purchasing needs to be yours and you need to also show that you are going to live in it as well so that you qualify for the grant. The whole idea of the grant is to promote home ownership and you therefore need to live in the property for at least the first six months consecutively. When you are not keen on doing that you are bound to attract heavy penalties and updating your address to show address of the home is important.
In order to qualify for the grant, you need to show that you are of age and that you are also a resident. There is also need to show that the grant is your first and you need to show that you have not received another grant before. If you do not abide by the rules that grant can be taken off you and learning the rules and abiding by them is therefore something that you need to be keen about.