Did you know that over a third of first-time homebuyers in Canada are actually single? It’s true! If you’re one of the solo buyers in this demographic, here are some tips to know before taking the plunge.
- Do your homework: check into the neighbourhoods you’re interested in and research what amenities are available. In addition, you definitely want to do your homework when it comes to choosing a home builder or specific home. Be aware of what your needs and wants are in a potential home. It would also make sense to look into what properties are selling for in the area you are interested in, so you know what to look for in terms of value.
- Figure out what you can afford: be sure to have a good handle on what you can afford in terms of a home purchase. Include estimates on property taxes, utilities, insurance, condo fees (if applicable), etc.
- Assemble your team: a home is a big investment and therefore requires a team you can trust. A home purchase involves financial, legal and sales professionals. Luckily for those choosing a brand new home, you can often get access to all of these professionals through the home builder you work with.
- Ramp up your savings: before you take the step to look into homebuying, make sure you start scaling back on purchases and start putting away funds for your home (and expenses thereafter). You’ll want to try and save a 20 per cent down payment, if possible, to avoid default mortgage insurance.
- Protect your investment: while you may go into a home purchase single, you could partner up at some point during your ownership. At some point, a partner may end up having legal rights to half of your home and its equity. While money conversations can be tough, the more honest and upfront you are about responsibilities of home costs with your partner, the easier things will be down the road.
If you’re interested in purchasing a brand new home, we’re building in some great communities in Calgary and Airdrie, and our professionals are there to walk you through every step of the process!