If you’re a millennial, meaning born between the years of 1980 and 1995, you might be considering purchasing your first home. 77 percent of Canada’s first-time homebuyers are millennials and with April being the busiest month in real estate, now is the time to start looking. Even if you aren’t a millennial, follow these three tips and your first-time home buying experience will be much smoother.
Seek out pre-approval. Working with your bank or a mortgage broker to get pre-approved should be your first step. It sets you a part as a serious buyer and will mean less waiting – and less uncertainty – when you want to make an offer. A pre-approval also helps define which homes to look at since you’ll know which ones you can – and can’t – afford.
Make your house hunt a priority. Life is busy, and house-hunting takes time. However, by scheduling it in – perhaps even taking time off from work – you’ll ensure it remains at the top of your to do list. Having time carved out for searching for properties, communicating with your REALTOR® and attending viewings will also help decrease the stress involved as you won’t have to worry about when to fit it all in.
Consider buying in an up and coming neighbourhood. Since the average millennial is more open to a care-free lifestyle, check out homes in neighbourhoods that boast great walkability. Many of the newer communities are awash with awesome amenities such as bike paths, green spaces and access to public transit. Just think – you’ll be able to say you were one of the first to buy in a neighbourhood that eventually becomes the place to be.