In addition, you\u2019ll need at least a 5% down payment on your home to qualify for a mortgage. That sum of money can be challenging to accumulate if you aren\u2019t financially stable. In fact, according to a 2022 study by Policy Me<\/a>, 56% of Canadians find their down payment to be the biggest obstacle to homeownership. However, by budgeting and setting aside money each month, you\u2019ll be able to save enough for a down payment. That financial discipline will go a long way toward learning to handle the unexpected costs that come with homeownership.<\/p>\n\n\n\n Like homeownership itself, knowing when to ask for help is a sign of maturity. Buying a house can be a long and complex process. You\u2019ll need dedicated professionals who\u2019ll keep you in the loop throughout the process.<\/p>\n\n\n\n A real estate agent will look out for your interests and guide you every step of the way. They\u2019re busy people, but the good ones are responsive to email and some have a toll-free number<\/a> to call whenever you have questions.<\/p>\n\n\n\n Related content<\/p> How to Find the Right Real Estate Agent<\/a><\/p><\/section>\n\n\n\n Other professionals like mortgage brokers, real estate lawyers, and home inspectors are valuable sources of information. These professionals can help you gain the knowledge you need to make an intelligent and thoughtful decision on whether it’s the right time to buy a home.<\/p>\n\n\n\n Are you happy with where you live? In the era of remote work, it\u2019s a question many people are asking.<\/p>\n\n\n\n If you plan on staying put for five to ten years, it may be smart to consider putting down roots. A home is a long-term investment of time, effort, and money, but it’s also a fulfilling purchase.<\/p>\n\n\n\n Alternatively, maybe you\u2019re looking to return to somewhere in particular. Luckily, agents have adapted to virtual home sales and give tours of properties with their own \u201cvirtual tour\u201d setup or Zoom alternative<\/a>.<\/p>\n\n\n\n Related content<\/p> Guide to Picking the Best Long Distance Moving Company in Canada<\/a><\/p><\/section>\n\n\n\n Buying a house is an investment. But if you end up selling within five years or less, the costs of selling will diminish any equity you\u2019ve built up in your home. To avoid this scenario make sure you\u2019re willing to stay in one place for the foreseeable future.<\/p>\n\n\n\n Over the past two years, many of us have been thrust into remote work. Many Canadians want to retain this flexibility but have found their properties aren’t suitable for working from home long term.<\/p>\n\n\n\n With advanced technology like VoIP numbers, people have even been able to launch businesses operating out of their houses. What\u2019s a VoIP number?<\/a> This is a business number that isn\u2019t tied to any one phone. It allows you to answer work calls no matter where you are.<\/p>\n\n\n\n This kind of setup gives you flexibility, but as any remote worker knows, it\u2019s better to have a dedicated workspace in the home. In the coming decade, we might thus see the home office become as standard in properties as features like gardens and dining rooms.<\/p>\n\n\n\n What this means, however, is that lots of people are looking to upsize, trading their downtown condos for large homes in the suburbs. So if you\u2019re one of them, and you\u2019re confident your remote life will continue for the foreseeable future, perhaps now is the perfect time to buy a home with more space. <\/p>\n\n\n\n For people looking to buy a new house, some times are better than others. Housing markets tend to swing between \u201cbuyer\u2019s markets\u201d and \u201cseller\u2019s markets.\u201d This could be due to any number of complex political or economic events, but it\u2019s not hard to test the waters.<\/p>\n\n\n\n In a seller\u2019s market, homes are scarce. As a result, prices are high, and people get into bidding wars as they compete to make the best offer<\/a> on their dream home.<\/p>\n\n\n\n You\u2019ll know you\u2019re in a buyer\u2019s market when there are more houses on sale than interested buyers. Buyers, therefore, have more power to negotiate prices and get better deals. Sellers want these houses off their hands, which puts you at an advantage.<\/p>\n\n\n\n One of the first steps of the house-hunting process is to get a mortgage pre-approval. You can do this through a primary lender like a big bank or a mortgage broker. You\u2019ll provide relevant financial statements and consent to a credit check in both cases. While solid financials are essential, your credit score is an essential component of your mortgage application.<\/p>\n\n\n\n Related content<\/p>3. You Know How Much You Don\u2019t Know<\/h2>\n\n\n\n
4. You\u2019re Ready to Stay in One Location<\/h2>\n\n\n\n
5. You Need More Space<\/h2>\n\n\n\n
6. You\u2019re in a Buyer\u2019s Market<\/h2>\n\n\n\n
7. You Have Good Credit<\/h2>\n\n\n\n
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