As we usher in the New Year, many of us find ourselves reflecting on our goals and aspirations. For those with the dream of becoming a homeowner, now is the perfect time to set some resolutions to turn that dream into a reality. Here are five key resolutions to guide aspiring homeowners on their journey.
Get your Finances in Check
Home ownership is considered one of the best long-term investments for financial security. Which is why it is worth the sacrifices you will make in the short term. If you're looking to buy a home in the near future, now is the time to review your budget (or make one).
Pardon the cliché, we're not here to tell you to cut out avocado toast and lattes! But being realistic about home ownership means making some short-term sacrifices to reach your goal. That will look different for everyone, depending on salary, savings, family support, and what your own spending values are! We recommend doing a deep dive into your personal finances and figuring out what it will take to secure that down payment.
Shift your Savings
Many Canadians have been budgeting, saving, and all the other 'right' steps towards securing a down payment and buying their first home. But not everyone is taking full advantage of the financial programs aimed at helping first time home buyers. Just this past year, a government initiative led to the First Home Savings Account which allows prospective first-time home buyers to save for a down payment tax-free, meaning you can claim your contributions as a deductible. The deadline to make a deposit this year is December 31st, but fear not, up to $8000 can be rolled over into the following year.
Start Looking
Knowledge is power in the world of real estate. Start your home-buying journey by researching potential neighborhoods and home options well in advance. Consider factors such as proximity to work, local amenities, school districts, and future development plans. This proactive approach ensures that when the time comes to make decisions, you are armed with the information needed to choose a home that aligns with your lifestyle and long-term goals.
Window Shopping for Lenders
Mortgage shopping is not the time for brand loyalty! While your bank might have a great online platform, or a nearly free checking account, it doesn't mean they should automatically get your business when taking out a mortgage. Don't limit your options when it comes to securing a mortgage. Shop around for lenders to find the best terms and interest rates. Different lenders may offer varying loan products, and taking the time to explore your options can lead to significant savings over the life of your mortgage. Don't hesitate to negotiate terms and ask questions to ensure you make an informed decision.
Speak with Me!
Navigating the complexities of the real estate market can be overwhelming, especially for first- time homebuyers. Leverage the expertise of a professional real estate agent who specializes in helping individuals achieve their homeownership dreams. Schedule a consultation and let me be your invaluable ally in your journey to homeownership!
Thanks for reading today’s BLOG!!!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
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If you or anyone you know is considering making a move in the next little while, give me a call or pass on my number ... 905-683-7800 (Office) or 905-426-7484 (Direct).
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