Luciano Giustini
Mortgage Agent
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Why buying your first home during inflationary times is good
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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.
Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.
Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.
Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.
Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.
As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.
So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.
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If you are beginning the home-buying process, you may begin to wonder how long it will take until you find the perfect home for you and your family. The answer to that varies due to different factors. Check out these three factors on how many homes you will tour before buying:
The State of the Market
A buyer's market is when there are few houses for sale and the ones that are available, sell quickly. This creates a higher demand for houses as people scramble to buy what they can. If the location you are considering seems to be a buyer's market, you may be competing with multiple buyers for the same house. If you are hesitant with a house because you think a better one is out there, someone else may swoop in and sign a contract. This leaves you with fewer options and a long time trying to find a house. If you find yourself in this situation, you will probably need to move as quickly as possible if you want to secure a home.
Knowing What You Want
If you are specific about the type of house you would like, then it is usually much easier for a real estate agent to suggest properties to tour. For example, if you insist on living in a house with a backyard, they will refrain from suggesting a high-rise condo. If you are more open to various options, you have a bigger playing field, and it may take some time to sort through the selection. Before you begin your search, take some time to really consider what you are looking for.
Your Willingness to Compromise
Home buyers usually have a list of things they absolutely need to have in their potential home. However, all of the amenities you are looking for might not be in the right location or fit within your budget. For example, a three-bedroom house a short drive from downtown may cost thousands more than that same type of house further away. If you are willing to compromise on what you want, you can find a home much quicker.
Finding the perfect house for you can take weeks, months, or even longer. To shorten this length of time, know what you want, and be willing to compromise. Soon, you will be able to find the home you have been dreaming of and begin life as a homeowner.