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Canada’s housing environment has more single home buyers entering the market than ever before. With inventory levels improving in many markets, and interest rates still low many people across the country who may have never considered buying a home in the past are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on renting.
Here are five tips to help single home buyers navigate the home buying process:
#1) Keep an eye on the future. A family of one is much more likely to upsize in the future rather than downsize. They may someday add a significant other to their family and possibly even children. It may not be possible to determine when that may happen. Instead, determine what is essential currently– number of bedrooms, approximate square footage, neighbourhood, etc. And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.
#2) Get pre-approved for a mortgage. A pre-approval will let single home buyers know where they stand financially while informing the mortgage company that they are ready to buy. Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.
#3) Location, location, location. The golden rule of real estate applies to single home buyers as well. Factors such as proximity to work, family and nightlife often play a role in the decision of where to purchase a home. I can help you narrow the search to find the location that best suits your needs and lifestyle as a home buyer.
#4) Plan ahead for maintenance fees. Owning a home is a rewarding experience. How
ever, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care for themselves, so be sure to include future repairs and maintenance in the budget. Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.
#5) Consider resale value and longevity. Purchasing a home has historically been a great long-term investment. However, it typically wont be your last purchase. So remember that its important to invest in a property that will be saleable in the future and interest other potential buyers. I can share the average home price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.
Chat Soon!!
Sharon
Here are five tips to help single home buyers navigate the home buying process:
#1) Keep an eye on the future. A family of one is much more likely to upsize in the future rather than downsize. They may someday add a significant other to their family and possibly even children. It may not be possible to determine when that may happen. Instead, determine what is essential currently– number of bedrooms, approximate square footage, neighbourhood, etc. And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.
#2) Get pre-approved for a mortgage. A pre-approval will let single home buyers know where they stand financially while informing the mortgage company that they are ready to buy. Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.
#3) Location, location, location. The golden rule of real estate applies to single home buyers as well. Factors such as proximity to work, family and nightlife often play a role in the decision of where to purchase a home. I can help you narrow the search to find the location that best suits your needs and lifestyle as a home buyer.
#4) Plan ahead for maintenance fees. Owning a home is a rewarding experience. How
ever, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care for themselves, so be sure to include future repairs and maintenance in the budget. Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.#5) Consider resale value and longevity. Purchasing a home has historically been a great long-term investment. However, it typically wont be your last purchase. So remember that its important to invest in a property that will be saleable in the future and interest other potential buyers. I can share the average home price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.
Chat Soon!!
Sharon
