Five Home Buying Tips For Millennials

It’s the perfect time to move to Vancouver. The job market is stable, the economy is recovering, and the housing market continues to rise. Now is a perfect time for millennials to move from home or stop renting and consider purchasing a home. Here are some tips to consider.


Take time to learn

Millennials are better educated than any other generation before them and have unprecedented access to tools and resources to help them make buying decisions. Buying a home or condo will be one of the largest purchases you will make. Take time and effort to research the market and understand the process of buying a home. By working with a local real estate agent and mortgage specialist you will have access to inside knowledge. There are also a lot of tools and resources out there to help buy a home, like mortgage calculators and valuation tools.


Review you finances

The recent economic downturn has left many weary of making large purchases, however, there has never been a better time to buy a home. Interest rates are low and the housing market is well on its way to recovery. It’s important to review your finances and credit to make sure you know how much home you can afford and whether or not you qualify for a mortgage. Consider additional cost of home ownership like taxes, maintenance, electricity and water. Make a budget to see how purchasing a home may affect your finances.


Get pre-approved

There is no point to shop around for a home unless you are pre-approved. You might as well go the mall without your wallet. If you’re serious about looking for a home, this is an important step in the process. Getting pre-approved is an in-depth process, but a mortgage specialist will be able to help you navigate through the necessary paperwork and answer all your questions. When a potential buyer is pre-approved, the bank has done its due diligence and is ready to lend you the money. You will know how much house you can afford, and what your mortgage payment will be. When making a offer, buyers will know you can close quickly, making it more likely for you to win the bid.


Don’t be afraid if the home needs work

You may be tempted to buy your dream home, but chances are, this won’t be the last home you purchase. Buying a home that needs some TLC may be the best investment you make. With some work, you can put in some sweat equity to increase the value of your home. While you are young it the perfect time to remodel the kitchen, add wood flooring, paint, and update the bathroom. All these activities will increase the equity of the home allowing you to refinance down the road and eventually sell at a higher price.


Hire Professionals

Remember, this is the biggest purchase you’ll probably make. Having a good agent that has your best interest in mind is important. When you find your home, hire a professional home inspector to make sure there are no surprises when you move in. Hire a professional moving company to take the stress of moving away. Hiring good people will help you enjoy the experience of buying a home.


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If a buyer is unable to qualify for a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will still consider lending if there is someone that the borrower can find who is willing to act as co-signor or guarantor for a mortgage. These two options have different…


Eligibility Conditions of First Time Home Buyers Plan for Canadian Residents

The government of Canada has introduced a First time Home Buyers’ plan to ease the load that home buying costs may exert upon its residents. The first time home buyers’ plan is a program that allows you to withdraw up to $25,000 in a certain year from your Registered Retirement Savings Plan (RRSPs) for yourself.

First Time Home Buyers Plan

As a first time home buyer in Canada you have the opportunity to use your registered retirement savings plan (RRSP) under the first time home buyers plan, towards your down payment There are some very specific guidelines for this program that first time home buyers should be clear about before buying a home…


Surrey Mortgage Brokers

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First Time Buyer Myths That First Time Home Buyers Should Ignore

First time home buyers are often intimidated by the home buying process, due largely to myths they have heard from others. Proper education is essential especially today when there are so many options and choices to make as a first time buyer. There are first time buyers who are even afraid to begin…

First Time Home Buyer Tips

Purchasing your first home is one of the biggest life decisions you will ever make and no doubt this can be a stressful time. It doesn’t have to be all stressful, however, as there are ways to help and you can even have some fun buying your first home. Here are some first time home buyer tips…


If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
Aleem Peermohamed - Mortgage Broker BC


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