Monday, 27 October 2014

Tips for Young Single Homebuyers

2012 saw a rise in single homebuyers in Toronto. Currently, over 27% of homebuyers are single people, purchasing both condos and houses.

If you're a single person without dependents, here are five things to keep in mind.

1. It's OK to ask for help. While you want to prove that you're independent and successful, GTA home prices are through the roof. If a family member is willing to help out financially, or co-sign a mortgage - go for it!

2. Get pre-approved. When you're pre-approved for your mortgage you'll know the exact price range even before you start looking. This way you won't waste your time on spaces above your budget.

3. Don't think about the "what if"s. While it's possible you'll meet Mr. or Ms. Right within days of moving into your new bachelor condo, chances are you'll be happy and comfortable in your new home for at least 5 years. During that time, if you meet your true love and need more space, your property will have appreciated, making it possible for you to buy that bigger home.

4. The "perfect home" doesn't exist! Many real estate agents say the most frustrating thing about their job is that people miss really good opportunities because they are looking for the "perfect home". Don't fall into the home scouting vortex! Make a list of "absolutes" and "would be nice" attributes. If a home hits all the "absolutes" - put in an offer! It's very competitive out there in GTA real estate land. If you pass up your almost perfect south facing, 10th floor condo because it doesn't have a kitchen island, you may find yourself settling for a 2nd floor, parking lot facing unit.

5. Keep an emergency fund. The main difference between renting and buying a cost-effective home is you'll be the one paying out for repairs and upgrades. While condos have maintenance fees which cover the costs of common elements such as lobbies and roofs, you'll need a little nest of funds for things like broken appliances or re-glazing bathtubs.

Long gone are the days when a person had to wait to get married to own a home. Planning in advance and choosing smart developments means any working person can afford their very own living space.
In the next week we'll give some tips to single parent homebuyers!

Are you a single Options homebuyer? Share your story with us!

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