RSS

5 Tips for Millennial Homebuyers In Toronto

More millennials are buying their own homes than ever before. As a matter of fact this age group (22 - 37 years old) have now surpassed the Baby Boomers and Gen Xers in making this major life decision. Here are some helpful tips for Millennial homebuyers in Toronto:


1.  Reduce Your Debt: One of the challenges facing millennials in Toronto is paying down their debt. Student loans, credit card balances, car loans, and other debt accumulates to the point that buying a home is impossible. Buying a home is one of the most expensive financial commitments you will make, so being debt free is a good idea before seeking financing. Make sure you pay your bills on time so your credit rating is high and consider a budget to help you maintain expenses. 


2.  Save For A Down Payment:  Most millennials get a mortgage to pay for their home so a down payment is necessary for the bank to grant the loan. Most lenders require between and 10 and 20 percent down. Due to other financial obligations, saving for a down payment is challenging. Some millennials use gifts from family members to supplement their savings. Experts suggest saving as much as possible before starting a home search because it could take a few years before you are financially ready.


3.  Look For An Affordable Home:  Resist looking at homes in Toronto neighborhoods that are out of your price range. There is much more to consider than just the price of the home. Taxes, insurance and other fees will affect the cost of living and it will vary from area to area. Do your homework before falling in love with a house that you can't afford yet. An experienced realtor will help you find the perfect home within your budget.


4. Learn The Buying Process:  Hire a real estate agent who you are comfortable with and can trust. Make sure they have at least four years experience in the industry and are willing to share their knowledge. They will listen to you and learn about you so they can find the perfect home with you. Make a list of questions and get to know the buying process. A good real estate agent becomes your partner and mentor in this process. 


5.  Go The Extra Mile:  When you finally save enough for a down payment, understand the buying process, and find your dream home, chances are someone else is bidding on it, too. To stand out, get preapproved by a bank before you make an offer. This demonstrates how serious you are about buying the home and put you on the top of their list.

Read
Categories:   Agincourt South-Malvern West, Toronto | Aileen-Willowbrook, Markham Real Estate | Annex, Toronto C02 Real Estate | Aurora Highlands, Aurora Real Estate | Avondale, Brampton Real Estate | Banbury-Don Mills, Toronto C13 Real Estate | Bay Ridges, Pickering Real Estate | Bay Street Corridor, Toronto | Bendale, Toronto | Birchcliffe-Cliffside, Toronto E06 Real Estate | Cabbagetown-South St. James Town, Toronto C08 Real Estate | Central Newmarket, Newmarket Real Estate | Central, Ajax Real Estate | Church-Yonge Corridor, Toronto C08 Real Estate | Cliffcrest, Toronto E08 Real Estate | Corktown, Toronto C08 Real Estate | Danforth Village-East York, Toronto | Danforth Village-East York, Toronto E03 Real Estate | Dorset Park, Toronto E04 Real Estate | Dovercourt-Wallace Emerson-Junction, Toronto W02 Real Estate | East End-Danforth, Toronto E02 Real Estate | East York, Toronto E03 Real Estate | Fairview, Mississauga Real Estate | Greenwood-Coxwell, Toronto E01 Real Estate | Guildwood, Toronto E08 Real Estate | Harding, Richmond Hill Real Estate | Home Renovations Toronto, Bathroom Renovation | Kennedy Park, Toronto E04 Real Estate | Kensington-Chinatown, Toronto C01 Real Estate | Mimico, Toronto W06 Real Estate | Morningside, Toronto E09 Real Estate | Moss Park, Toronto C08 Real Estate | Mount Pleasant West, Toronto C10 Real Estate | Picton, Prince Edward County Real Estate | Pleasant View, Toronto C15 Real Estate | Regent Park, Toronto C08 Real Estate | Rexdale-Kipling, Toronto W10 Real Estate | Rockcliffe-Smythe, Toronto W03 Real Estate | Rosedale-Moore Park, Toronto C09 Real Estate | Runnymede-Bloor West Village, Toronto W02 Real Estate | South Riverdale, Toronto | South Riverdale, Toronto E01 Real Estate | Streetsville, Mississauga Real Estate | Tam O'Shanter-Sullivan, Toronto E05 Real Estate | The Beaches, Toronto | The Beaches, Toronto E02 Real Estate | University, Toronto | University, Toronto C01 Real Estate | Waterfront Communities C1, Toronto C01 Real Estate | Waterfront Communities C8, Toronto C08 Real Estate | Waterfront Communities, Toronto | Willowdale East, Toronto C14 Real Estate | Woodbine Corridor, Toronto E02 Real Estate | Woodbine-Lumsden, Toronto E03 Real Estate | Yorkdale-Glen Park, Toronto W04 Real Estate
This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website. The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the Toronto Regional Real Estate Board. The data is deemed reliable but is not guaranteed to be accurate.