Almost half of first-time homebuyers said that affordability was the biggest reason why they had not purchased a home earlier, while 23 per cent of women and 14 per cent of men said job security caused them to delay their first home purchases.
Here are five tips for first-time homebuyers:
Figure out the true cost: Buying a home will be one of the biggest financial decisions of your life, so you need to consider the cost of home ownership versus your lifestyle. Can you comfortably carry your mortgage, and still live the life that you want?
Make sure to leave yourself with enough wiggle room to enjoy what’s important.
Get your house in order: It is important that you understand the long-term costs and choose the right mortgage. Before you start your search, get pre-approved for a mortgage, remembering that just because a bank says you can afford something, doesn’t mean that you actually can. Run the numbers to see how much home you can realistically afford.
Budget for extra costs: A rule of thumb is to save between 1 and 3 per cent of the purchase price which will apply towards closing costs. But don’t forget to factor in the extra expenses that we sometimes forget, like utility hook-up, house insurance, renovations, and furniture. The real cost of closing on a home might be more than you think.
Related: Never buy a house without a home inspection
Create an emergency fund: Repairs and maintenance – or even an increase in fees or taxes – can catch you off guard. Having an emergency fund in place before you buy a home will give you peace of mind, and the financial buffer you will need to tackle most unexpected expenses.
Add more revenue: You can put a dent into your mortgage if you keep an eye out for opportunities to manage housing costs. Consider renting out part of your home, or having a roommate to help offset expenses. You could even rent out a spare room occasionally using AirBnB, or rent out an extra parking space if you have one.
The Toronto Star
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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