7 buying tips from an expert to give you hope when buying a home in Canada

Buying a home in Canada has become increasingly difficult for first-time buyers in recent years due to rising prices and the COVID-19 pandemic.

And this might discourage young Canadians a bit to take things lightly.

Finding a home in the city where you want to work and live can be difficult, especially if it is your first time buying a home.

The prices can feel prohibitive depending on your income and you can really ask yourself, “Will I ever own a home?”

But before you give up hope, read on!

To shed some light on a sometimes bleak-looking housing market, Narcity sat down with broker and real estate expert Trish MacKenzie to make a promise to those out there who are feeling hopeless.

She says it takes many things to bring hope to your future as a homeowner, such as: B. Setting realistic expectations, preparing, and understanding your own lifestyle, among other things.

This is how you can face the future of your own home in a more positive way:

Set realistic expectations

Property prices have skyrocketed over the past two years, but many buyers’ expectations remain the same.

One thing MacKenzie really wants is for buyers to really analyze what they want from a home.

“I find that most buyers want to fulfill an ideal that they have in mind,” warns the real estate expert against this way of thinking.

“Maybe it’s out of their price range, maybe there’s too much competition, maybe it doesn’t even exist!”

She cautions that buyers should focus on the home’s function, not just the little things that would meet their “dream home” requirements.

Talk to an expert

The best way to understand what is possible for you is to sit down with an expert and get advice from them.

And when you meet with them, be open and honest about your financial situation, goals, and next steps.

“Put together an action plan together to go from home seeker to homeowner,” MacKenzie said. “Develop a strong, transparent relationship with them — there’s a reason many agents say they work part-time as therapists.”

After all, it’s one of the biggest and most emotional financial decisions of your life, and your job is to make it easier.

Analyze your lifestyle

This is where you come to terms with yourself. Take a look at what is a “must have” and what is a “nice to have”.

“Would you like a private outdoor space or are you ok with the park nearby? said MacKenzie.

And these questions will be different for everyone. But if you really consider what is necessary and what is soughtyou can start figuring out what type of home is right for you.

You can change the appearance of a house at any time. So if a home meets all of your functional needs but perhaps lacks a few aesthetic merits, it may be a better fit than you initially expected.

Look at your ability to “Upgrade”.

When breaking into the housing market, you should also consider how much time and money you will have to invest in furnishing an apartment.

“A ‘good bones’ home, as realtors like to say, may need some TLC, but the work required will affect the overall value,” the realtor said. “And can give you a foothold in the market.”

Additionally, decorating, improving, or upgrading a room increases its value, thereby preparing you for a brighter financial future.

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The thing about real estate is that the value almost always goes up. So action is advisable.

“The best time to invest in anything was always yesterday,” MacKenzie said. “Over time, real estate will increase in value and help you grow your portfolio.”

While you may not be able to afford that dream home right now, buying a property can set you up for a future with more financial potential.

“Use your first home to increase your potential equity so you can use the appraised and added value as an upgrade tool,” she added.

Know that everyone has a different path

It’s easy to ponder what you “should” do with your life or when and where you “should” buy a home. But MacKenzie says such thinking just isn’t productive.

“Don’t compare your home ownership journey to everyone else’s.”

She continued, “Home ownership is no longer a one-way street. Most of us need help with the down payment or need to invest in something smaller that will appreciate over time.”

A good way to find your own path is to arm yourself with knowledge. In addition to understanding the many incentives and programs out there, MacKenzie also advises that you should “get well acquainted with your market, rely on the experts you work with, and work with people who are a have a knack for finding solutions”.

Realize that it’s not entirely hopeless

“Things are never hopeless,” MacKenzie said. “But our understanding of how we become homeowners is changing.”

She’s the first to admit that real estate prices are on the way up. But our housing market is a product of how we understand home ownership in our society.

“Initially, people only lived in multi-generation houses,” explains the real estate expert. “Then, with the rise of the middle class and the introduction of mortgages, more people found an opportunity to find independence in their own space.”

“We may soon see other alternative approaches to enter the market,” MacKenzie said, noting that multi-generational homes, co-owned multiplexes and investment properties “could be a means of increasing our equity to get there.” we want to be.”

So if you weren’t comfortable with the housing market before, hopefully that’s changed a bit!

The cover image of this article was used for illustration purposes only.

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