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45 percent of Canadians Purchase Property Solo

According to a report, nearly half of first-time homebuyers purchase property alone. In addition to this, 57 percent of men and 33 percent of women will enter into home ownership. Furthermore, one-third of those surveyed also said that they were searching for a property with a rental unit from which to generate revenue. Aside from this, the majority of these said that they would use this income entirely toward paying off their mortgage as soon as possible. Moreover, only 14 percent said that they would apply the rental income toward their savings.

 

In line with this, the results seem to indicate that while a growing number of Canadian homebuyers don’t wish to be legally tied to a co-purchaser, they will somewhat reliant on a roommate to maintain the affordability of their purchase. Half of the polled populace said that the number one item they would not compromise in their home quest was price while 82 percent said that they were most willing to conceded proximity to home features and recreational activities. In addition to this, 72 percent said that they would compromise proximity to renovated kitchen and shopping. More concerning is the decline these surveyed buyers showed in the amount of research they are willing to put in before they make their purchase.

 

Apart from this, only 17 percent of those who believe that they will pay less than the listed price on a home and 10 percent of those who believe that they will pay more. Pre-approvals went down from 91 percent to 76, speaking to a mortgage lender before looking slid from 84 to 72 percent and booking a home inspection dropped from 85 to 67 percent. For those who already estimated their future home bills, their closing costs and explored their mortgage options dwindled 7 to 11 percent from the last year’s figures. Furthermore, the survey questioned 1,000 Canadians who had either purchased in the last two years or were planning to.

 

For those that fall into the latter group, heed some caution. It is a fact that rushing into one of the biggest purchases of your life without doing your homework will most likely cost you. The so called mortgage pre-approval will hold the best rate available that is usually within 90 day span while you negotiate and shop. On the other hand, a home inspection may cost 300 dollars up front, the unseen repairs that may need to be made on the property could have you refinancing and borrowing funds that you no longer have.

 

In addition to this, moving to an undeveloped area with no amenities could save you now however may prompt you moving sooner than if you purchase in a neighborhood where you could envision yourself for a longer while. The best thing that you can do is to speak to a real estate and mortgage professional before you put in your initial offer. One of the rising trends is that first time homebuyers usually purchase a home based on price over amenities and other fundamentals.

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