If you’re concerned that you may never be able to afford a home, don’t give up hope just yet. In reality, you may be closer to homeownership than you realize. While daunting, the process of saving up for and buying a home is far from impossible – and, with the right preparations and strategies, you can achieve your goal of home ownership with minimal hassle.
In this blog, we’ll look at how younger generations are reacting to rising housing costs and which strategies you can use to get into the market.
Shifting Your Perspective
If you turn on the news or scroll through social media there’s a good chance you’ll hear about rising costs of housing in Canada. Especially across Ontario, where even smaller cities and towns have seen Toronto-style value appreciation in recent years. As a young person looking towards the future, these narratives can be discouraging. However, it’s important to put them into perspective.
Historically speaking, every generation of Canadian buyers have faced their own concerns around housing affordability. After all, buying a home remains the single largest purchase most people make in their lifetime, so it’s fairly natural to feel intimidated by the high price tag. While they may own a home now, there’s a good chance your parents (and grandparents) felt the same nervousness you do about being able to own real estate when they were your age.
Your Situation is Unique
It’s also important to note that every potential buyer is in a different position both personally and financially. So while you may have heard friends or family talk about how impossible it is to buy a home, you could be closer to homeownership than they are. At the end of the day, your ability to own a home is influenced by various factors, including housing prices in your local market, personal income levels, existing debt, mortgage rates available to you, and your partner or spouse’s financial circumstances (if relevant).
Preparing to buy a home for the first time? Have a look at these other blog posts for helpful advice.
- How Much Do You Need to Make a Deposit & Down Payment?
- Why You Should Work With a Real Estate Agent Who is Local to Your Area
- How Long Should You Plan Ahead Before Buying a Home?
How to Ease the Financial Stress of Buying Your First Home
Be Flexible
Another way to get into the market sooner rather than later is by being open and flexible about what you’re first home may look like. Everyone has an idea of what their dream home looks like, however, it’s important to consider that your first home isn’t always your dream home. Instead, buying a starter home allows you to begin building equity which can then be leveraged when the time comes to move up.
Take Help (When It’s Offered)
A lot of younger buyers are hesitant to take help from family when it’s offered to them – which is totally understandable. Choosing to accept financial help from family whether in the form of a gift or loan can be uncomfortable. However, despite not being the most ideal situation, it can give you a serious leg up as a buyer.
Don’t Forget About Incentives
Finally, don’t forget to take advantage of every buyer incentive available to you. In Canada, there are a number of programs and rebates that are directly designed to relive the financial stresses of buying a home for first-timers. Keep in mind that these incentives can change year by year so it’s important to speak with your real estate agent or financial advisor about what perks will be available to you while you’re approaching your purchase.
Need more home-buying tips? We’ve got plenty of other blog posts for you to explore.
- The Costs of Moving & How to Make it More Budget Friendly
- How to Know If You’re Ready to Buy Your First Home
- Can You Buy a Home Without an Agent?
Maximizing Your First Home With Bosley
If you’re looking to buy your first home, working with a reputable real estate agent should be top of mind. As your personal professional guide to the market, your agent can help you maximize your budget wherever possible – allowing you to reach your goals as soon as possible.
At Bosley Real Estate, we’ve helped Ontarians discover and buy their perfect homes for almost a century, navigating all kinds of market trends, economic conditions, and major industry changes. Our highly-trained agents have home buying down to a science. Using our proven systems, we’ll guide you through your buying journey with impressive results.
Want to make the most of your home budget? We can help. Give us a call at 416-322-8000 or email info@bosleyrealestate.com to get in touch.
artiBOSLEYRE
Read about the heritage and innovation that form the foundation for Bosley’s industry-leading approach to real estate.
