Friday, 12 June 2015

What are prospective home buyers looking for?

For many Options purchasers their Options home is the first home they have ever purchased. Many were renters prior to purchasing their home and some lived with their family until purchasing.

In the past 20 years over 6500 households have purchased from Options. That's because Options offers what buyers are looking for at a competitive price. So what are renters who want to buy looking for today?

The infographic below outlines some of the most important features to prospective buyers today:

*Infographic from Toronto Star real estate blog New in Homes ( outlined some of the biggest concerns among renters looking to buy a home. Here are the top 8 and how Options can help ease those concerns:

Saving enough for a down payment -
When purchasing a condo we offer an Options loan worth up to 15% of the purchase price. The purchaser must bring 5% and we bring the rest to bring your down payment to 20% (therefore avoiding paying CMHC Mortgage Default Insurance.)

Having a poor credit history -
Options staff will work with you throughout the development process, which can be a few years, to help get your credit back on track.

Qualifying for a mortgage -
Options staff will work with you to improve your finances to give you the best chance of qualifying for a mortgage. All purchasers are eligible for the Options loan worth 15 per cent of the purchase price. With a larger down payment, purchasers require a smaller mortgage from the bank therefore making it easier to qualify.

Rising home prices -
Options is one of the most cost-effective developers in the GTA. We don't waste money on expensive marketing initiatives and our condos do not feature fancy amenities that most condo owners don't use. Because of those reasons we are able to offer some of the most competitive prices in the GTA.

Unable to pay off existing debt -
We have found that by starting the process of purchasing an Options home individuals have become more motivated to pay down debts and bring an even larger down payment than they initially intended. Check out this video of Options staff explaining for Options can have a positive effect on your finances:

Not having a stable job -
Options has helped individuals with unstable or unpredictable job statuses get into ownership for over 20 years. Options goal is to provide cost-effective home ownership opportunities to everyone in the world who wants it, including individuals with unpredictable employment. Peter, an Options purchaser and artist without a steady pay check never thought he could buy a home. Check out his Options story here:

Rising mortgage rates -

Options offers down payment assistance so that individuals require a smaller mortgage from the bank. Currently in Canada, mortgage rates are relatively low compared to previous years.

Limited inventory -
Options is currently selling in 2 new developments in the GTA and will be launching 2 more developments before the end of 2015.

What are you looking for in a condo? What would it take for you to make the jump from renting to ownership?

Check out Options developments now selling communities. They may have everything you need.

If you think Options may have what you're looking for register for a FREE information session now!