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Tips for Solo Home Ownership

Tips for Solo Home Ownership

Do you feel you’re ready to enter into homeownership on your own? There are some key considerations to make and steps you can take to make this possible for yourself and to ensure the experience is as smooth and seamless as possible. Here is how:

Save for a down payment - The larger your down payment, the less you have to pay each month in both principal and interest. You will need a minimum down payment of 5% of the purchase price

Know your financial history - This is important both for making decisions about the future and it is also information you will need to provide to be approved for the purchase of a home.

Build your credit score and maintain stable income - These factors help to determine your mortgage eligibility, as they inform lenders of your potential risk in terms of repayment.

Know what you can afford - Try tracking your income and expenses, looking at fixed (i.e. car insurance) vs. variable (i.e. entertainment) to really understand how much money you have coming in and how much you have to put towards total living expenses each month. Don’t forget to look at all the costs involved in purchasing a home to ensure they are within your budget - home inspection, property taxes, land transfer fees, closing fees etc.

Connect with a Mortgage Broker - They will help you with all of the finances involved in the home buying process and help you select the right type of mortgage for you, fixed vs. variable. They will also help you with your mortgage pre-approval so you know what you qualify for.

Find a Real Estate Agent - Interview potential pros to find someone that you connect with, that is suited to your needs and requirements and will help you shop within your price range.

Do your research - It is helpful to learn about the different neighbourhoods and the home elements and features that are non-negotiable to you - thinking about must haves vs. would be nice to have property features.

Be sure to consider your goals for the future - This will help you in your home buying journey. You will be able to make smarter decisions today, to help you reach your goals down the road. If a starter home is what your budget allows, this is a great stepping stone and will enable you to build equity for future purchases.

The market is ever-changing, be ready to pivot with the shifts and above all; trust your gut. You know yourself and your circumstances best. If you’d like to talk about your own Shuswap home buying journey, or want to learn more about the market, our team is always here to help.


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