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First-time homebuyers in Canada do their Homework

According to a report conducted by TD Canada Trust, most of the first-time homebuyers in Canada are doing their homework before making any real estate purchases. In addition to this, one-third of property virgins will view more than ten homes during their real estate search. Nationally, the percentage is 26 percent. For the 2nd consecutive year, the bank’s report discovered that almost all of the first-time homebuyers plan to purchase a home for their listing price or less. Moreover, 76 percent of first-time homebuyers in Canada plan to spend as much as six months looking for their perfect residence compared to 64 percent nationally.

 

In addition to this, most of the first-time homebuyers are conducting their real estate search and transaction on their own. 41 percent of those responding to the bank’s survey plan to fly solo for the process rather than purchase a property with a co-owner. Nearly 57 percent of men plan to own a home on their own compared to 33 percent of women. According to Jessy Bilodeau which is a mobile mortgage specialist at TD Canada Trust, they found out that Canadians explore their options and stick within their price range when looking at homes. Exploring your options is really important particularly for those people who are planning to buy a home on their own.

 

If you buy without a co-purchaser, your financial situation change and at the same time you need to bear in mind that you are the only person legally responsible for the mortgage. It is very imperative to ensure your mortgage and allows room in your budget to set some money aside for the future. For those individuals who are planning to co-own a property, 60 percent claimed they would not compromise on price while 48 percent claimed the number of bedrooms is not negotiable. In contrast, 84 percent of this group was willing to concede the proximity of their property to recreational activities. For those first-time homebuyers, it is very important to do your homework especially if you want to co-own a certain property.

 

By doing intensive research, you can be sure that you are one step closer in attaining your dream home. It is true that first-time homebuyers should be familiar and aware about the salient things that you need to consider and bear in mind particularly if you are planning to buy a home or a property. It is a fact that buying a home or a property is not an overnight process since it normally requires time, dedication, intensive research, effort and commitment to make sure that you can obtain excellent results that you are expecting. There are several factors and considerations that you need to take into account in buying a home or a property.

 

Buying a property or a home is not an easy process as you think and this is one of the reasons why conducting a research and doing your homework is highly recommended. For those first-time homebuyers who are planning to buy a certain property or a home, conducting serious research is the first thing to do.

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