As a young professional, home ownership might be a goal of yours. Though it can seem unrealistic considering the booming real estate market, the anticipated interest rate increases, and the new 'stress tests' – with planning, finances in order and some luck, owning your own home could be the best choice.
If you're thinking you're far away from buying a house - that's fine! Planning far in advance will save you so much trouble down the line.
Here are 5 tips to home buying in Hamilton and when you should start thinking about the key milestones involved:
1. Start saving in your TFSA or RRSP (if you’re a first time home-buyer, an RRSP may benefit you)
Start doing this 5-7 years before house purchase.
2. Use your credit card wisely to build your credit score
Start doing this 5-7 years before house purchase
3. Consider areas you want to live in and start looking at house prices to get a sense of how much money you should have saved
Start doing this 2-3 years before house purchase.
4. Gather your information for a mortgage pre-approval (letter of employment, income tax statement, proof of finance etc.)
Start doing this 1-2 years before house purchase.
5. Connect with a financial institution, an agent, lawyers and insurance professionals that you will use when you purchase your home
Start doing this during the house-hunting phase.
Liz is an adventurer, researcher and social media maven. When she isn’t researching Hamilton’s labour market, she’s fixing up her Victorian home, blogging about personal finance and being a millennial, exploring the world or hiking on the beautiful trails the city has to offer. Liz loves Hamilton and recognizes the businesses and citizens of the city on social media under Shoutouts Hamilton.