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01-04-2014, 11:14 PM
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#1
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RS has made me the bitter person i am today!
Join Date: May 2005
Location: 604
Posts: 4,571
Thanked 1,792 Times in 572 Posts
Failed 335 Times in 77 Posts
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able to 'airbnb' new home using first-time buyers grant?
I am in the process of purchasing my first condo. Therefore, I am planning to take advantage of the first time buyer grant.
I know there is a rule that I must be the primary residence for at least a year before I can fully rent the condo out... But i am wondering if I can let my house be an Airbnb listing in order to offset my monthly mortgage cost? Technically, I will still be living there, just renting the living room out..
Any insight to this would be great.
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01-05-2014, 09:11 AM
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#2
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MiX iT Up!
Join Date: May 2006
Location: vancouver
Posts: 8,154
Thanked 2,076 Times in 871 Posts
Failed 642 Times in 183 Posts
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Yup - just make sure your mail is sent there. I highly doubt you will be able to make your mortgage payments over 12 months using airbnb alone. Read up on it or talk to some people who are in the 'biz'. There are slow seasons just like hotels.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
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01-05-2014, 10:42 AM
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#3
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RS has made me the bitter person i am today!
Join Date: May 2005
Location: 604
Posts: 4,571
Thanked 1,792 Times in 572 Posts
Failed 335 Times in 77 Posts
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Oh ya I am not intending to fulfill my mortgage only with airbnb but it would help if I could offset some cost to it.
Thanks for your info though
Posted via RS Mobile
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02-05-2014, 01:22 PM
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#4
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I am Hook'd on RS
Join Date: Feb 2014
Location: vancouver
Posts: 74
Thanked 69 Times in 17 Posts
Failed 19 Times in 7 Posts
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if this is your primary residence this is 100% fine.
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02-05-2014, 05:49 PM
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#5
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MiX iT Up!
Join Date: May 2006
Location: vancouver
Posts: 8,154
Thanked 2,076 Times in 871 Posts
Failed 642 Times in 183 Posts
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also for what it's worth , don't tell the bank you plan to 'short term' rent. this would mean you will be treated as a 'investor' and not a principal resident. investors have diff set of qualification criteria (ie. need to show more assets).
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
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02-05-2014, 09:40 PM
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#6
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Everyone wants a piece of R S...
Join Date: Jan 2014
Location: Vancouver
Posts: 358
Thanked 1,177 Times in 200 Posts
Failed 5 Times in 4 Posts
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Is the first time buyers grant still available? If so I have a bone to pick with an agent who said it expired in april 2013.
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