Once you graduate college or university, get a job, and start your career, maybe have your first apartment on your own, you start to think about the future. You probably start saving for a downpayment thinking that eventually you’ll be able to buy a home. But you’re single. You’re happy (hopefully!), but you think that without two incomes, home ownership is off limits.
So now you’re around five years into your “adult” life outside of school. You keep paying rent, and you would love to own your own home. You’ve kept a steady job for a year or so with decent income, student loans are down or paid off…you feel grown up! You start perusing realtor.ca just to see what’s out there.
If you’re nervous about jumping into the real estate market, talk to a professional or two. Talk to a mortgage broker or a REALTOR. You don’t have to make a commitment just to get some information! We can help you be realistic about monthly costs and maintenance and all the rest. If you have a decent salary and a good credit score, you may be surprised about how much sooner you can own than you think! Look at this document about land transfer tax if you’re a first time buyer; this helps save you money too!
I’ll be 30 this month, and when I talk to my friends from university about buying now, they can’t believe it’s even possible. In fact, I helped a few of them buy their first homes this year! Single people, especially women it seems, certainly have more objections to be homeowners, but if you find the right price range and work with a mortgage agent who can get you a good rate, you’ll be shocked that you can buy so soon. To find out more about what women want, check out this TD poll.
So, if you’re on realtor.ca more often these days, and you’re thinking about finally having your own garden, and painting the walls whatever colour you want, talk to a REALTOR and a mortgage agent. Even if you’re a year or so away, we can help you with the right steps to make sure you’ll be well on your way when the time comes.
Give it a shot. What have you got to lose?!
