Resolution to buy a home this year? Read this

Did you make a New Year’s resolution to finally buy a home this year? Well, the good news is that mortgage rates are still historically low, and with oil affecting the economy right now, home prices are expected to drop in favour of buyers this year.

If you want to buy a home this year, here’s 10 simple tips:

1. Check your credit rating (and start repairing it if need be): more great advice on this can be found on my past blog posts.
2. Start saving: whether this means opening a TFSA or various other account, look into this with your financial planner.
3. Think about extra revenue streams: if your income isn’t quite where you need it to be, perhaps looking into a second job or selling some items in order to gain some extra money (it also helps with purging).
4. Do research on some neighbourhoods: what area do you want to live in? What amenities are important to you?
5. Consult a mortgage broker for advice: always good to get some professional advice on what you can afford now and what you should be budgeting towards for the future. A mortgage broker can also go over your various financing options with you, depending on your specific situation.
6. Look into downpayment assistant programs: there are lots of programs and grants available for those who need a little help with their downpayment. A mortgage broker can go over these options with you as well.
7. Decide on a budget: it’s important to define what your budget is, and learn to stick to it. This will help you be more savvy overall with your finances and get you to your homeownership goal a lot sooner.
8. Look into the process of homebuying: do some research online or take a seminar on the ins and outs of homebuying, it will make the process a lot smoother for you once it comes time to start.
9. Interview REALTORS: whether you get some recommendations from friends or colleagues, make sure you interview a REALTOR before deciding to work with them right away.
10. Check out some open houses: have a look at what kinds of homes you’re interested in and the types of features that are important to you. Your REALTOR can help make this part easier as well.

If you have any questions about constructing a timeline for homeownership this year, please feel free to contact me.

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