In Canada, an increasing number of single home buyers are choosing to enter the housing market on their own. Of this demographic, many do not have children and are making the leap into homeownership for the first time. Buying a home on one’s own is a very empowering step in a person’s life. If you are house hunting for a place by yourself, here are some tips to keep in mind.
Tip #1: Be financially fit
As a single home buyer, you are in charge of your money and future – the buck literally stops at you. You can determine how much and how long you’d wish to save for a down payment, while your credit score and financials will determine the mortgage amount you qualify for. If you are planning on purchasing a home for yourself, you’ll want to be in the best place financially before lining up your financing. This includes:
- Paying down any consumer debt
- Securing long-term employment since lenders favour mortgage applicants with two years or more at their current job
- Increasing your savings to account for a down payment and closing costs
- Having a clear picture of your monthly budget and how much house you feel comfortable carrying
- Considering a home purchase below your pre-approved mortgage amount
Tip #2: Find your ideal home
One of the best things about being a single buyer is that you get to choose your home based on your individual needs. Condo living is a popular option for those wanting a maintenance-free lifestyle and access to amenities, while others prefer a house – whether a semi, fully-detached home or a townhouse – for private outdoor space for pets, gardening or entertaining. Teaming up with a trusted and experienced real estate sales representative is the best way to find the right home for you. He or she will:
- Listen to your needs and help you fine-tune what type of home you are seeking
- Find and arrange viewings of listings within your desired budget and location
- Recommend neighbourhoods to round-out your search
- Be a sounding board to help you make a well-thought-out decision
- Negotiate the best deal and terms possible on your behalf
- Recommend trusted contacts from his/her network to help you on your home ownership journey
- Be your main point of contact to answer any questions or handle your concerns
Tip #3: Protect your property
Once you do find your ideal home, it’s important to protect your largest asset. As a single homeowner, you’ll want to be aware of the following:
- Unforeseen circumstances, like job loss or illness – both of which can hamper your ability to meet the payment obligations of your home. Consider speaking with an insurance professional to make sure you are covered.
- Financial soundness, such as maintaining good credit, continuing to build an emergency fund, saving for repairs and maintenance, and keeping up with your home-related payments. Having a trusted financial planner in your corner is invaluable.
- Relationship changes, like having a partner move in with you. Consider speaking to a lawyer about the best way to protect your rights and interests in the property.
Are you single and ready for home ownership?
If you are looking for an experienced and knowledgeable realtor to help guide you through the process, please contact me, Deborah Clerk, Real Estate Sales Representative, ASA with Keller Williams Realty Solutions, Brokerage, in Mississauga, Ontario. I’d be happy to share more about my comprehensive home buying services and learn more about your real estate needs and dreams.
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