Too often, people believe they will never be able to afford to buy a home. Based on my experience, there are multiple options if buyers are open to, can result in them one-day becoming homeowners? What we are seeing more and more is, buyers being creative in the methods used to fund their home purchase – these are not new techniques:
1. Resale: with this option you can either purchase a move in ready home or fixer upper.
2. Secondary markets: developing neighbourhoods outside of the GTA, e.g. Hamilton or Innisfil, where both the government and private sector is investing in the infrastructure of those communities. Homes in these neighbourhoods tend to be more affordable. MILTON – is an excellent example of a secondary market – 15 years ago you could buy an 1800 sq. Ft townhouse for $200K now these same homes are selling for over $600K.
3. Co-ownership: when friends decide to pool their resources and purchase a property together to get into the real estate market
4. Pre-construction: gives buyers the flexibility to pay their deposit over some time.
5. Gifts: some are going to the bank of mom and dad, while others are being gifted money from family member (just one word of caution – with this option you can only take money from immediate members of your family and it cannot be a loan.
6. RRSP: First Time homebuyers are allowed to withdraw up to $35,000 Tax-Free from RRSP’s
Did you know – You can work with a financial planner who will set you up with a plan which will enable you to achieve your goal of home ownership.
Let’s chat when you are available. My contact information is on the screen below:
- On screen keishatelfer@royallepage.ca
- On-screen Call me at 647 989 7453.
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