What should you do with your real estate rebate?
A rebate arrives at exactly the moment cash is tightest: right after closing. Here is where it usually goes.
Moving and setting up
Movers for a two or three-bedroom move in the Lower Mainland commonly cost a few thousand dollars. Add window coverings, a few appliances, utility hookups and storage.
The inspector's first item
Every inspection report has a list. A hot-water tank, a roof section, a perimeter drain, a furnace service. A $6,000 to $10,000 rebate on a Lower Mainland house often covers the first one.
Strata or HOA reserve
Set some aside for the next special levy or assessment. In older BC stratas and Florida condos, one is often coming.
Insurance
Florida homeowners often find their first-year premium higher than expected. The rebate softens it.
Mortgage prepayment
In Canada, the rebate arrives after completion, so you can put it straight against the mortgage within your prepayment privileges.