When picturing your future as a homeowner, you may have imagined finding and buying the perfect home on your inaugural trip to the market. However, this path isn’t often realistic for the majority of first-time buyers – particularly in Toronto, a city known for its high costs of living.
Instead, many buyers today are electing to purchase ‘starter homes’ or, properties that they intended to live in for a few years before upsizing to something that better suits their long-term vision. This could be a condo, townhouse, or smaller semi-detached or detached home.
While they may not check every box on your home wish list, starter homes have significant advantages from a financial perspective.
Ready to buy your first home? Our strategic buying services can help you optimize your purchase in any market. Call us at 416.441.2888 or reach us by email at info@christensengroup.ca.
Investing in Your Future
Although a ‘perfect’ property may be out of reach for you right now, proactively pursuing homeownership can actually help you get there sooner than if you continued to rent. Here’s how.
While renting has its advantages, it’s not always the most optimal from an investment perspective. When you buy a home, you can build equity as you pay it off. Then, when you wish to move in the future, you can resell your property for a healthy return. As a renter, you’re essentially paying your landlord’s mortgage for them. When you wish to move, you won’t see a return on any of your housing costs.
Searching for more market-focused insights to expand your knowledge? Check out these other posts from our blog.
Climbing the Property Ladder
In the world of real estate, we often refer to homeownership as a cycle. As you (and your family) grow, your needs will change, and it’s likely that your home will evolve too.
With this in mind, it’s important to remember that your first home doesn’t need to be your forever home. Instead, it can be a great place to begin nurturing your personal wealth while you save up for something bigger or more optimal in the future. Once you’re ready to upsize, you’ll already have a high-value asset that you can tap into in order to cover the more significant costs.
Breaking Into the Market
One of the most substantial costs entailed in purchasing a home is the down payment. For many of today’s buyers, this has proven to be a significant hurdle in reaching their goals of homeownership.
Therefore, buyers who are serious about making a real estate investment will need to create a strategic, well-thought-out financial plan. Thankfully, there are various government initiatives designed to help you do just that.
Canada’s First Home Savings Account
Canada’s First Home Savings Account (FHSA) is a government program that’s actually designed to help Canadians budget for their first home. Creating a financial roadmap towards homeownership, the FHSA is intended to help you save up for the major expenses involved in buying your first home, such as the down payment or other associated costs.
What makes the FHSA particularly wise for first-time home buyers is the tax advantages. For instance, contributions made to an FHSA are deductible, allowing you to hold on to more of your personal earnings come tax season.
Looking for tips on building your buying budget? Check out these blog posts to know more about the process of obtaining a mortgage in Toronto.
- How to Find the Right Mortgage Lender
- The Mortgage Stress Test Explained
- What Not to Do Once You Have a Mortgage Pre-Approval
Our Unparallelled Buying Services
If you’re looking to make a sound real estate investment in the complex Toronto market, you won’t want to go in alone. With over four decades of experience, Christensen Real Estate Group makes finding your first home seamless.
Boasting a multitude of accreditations and vast industry experience, our team works tirelessly to secure the best possible price, terms, conditions, and value for your starter home. By achieving a high-result investment upfront, you’ll be well set for upsizing your real estate goals down the line.
Of course, buying a property is about far more than the bricks and mortar. It’s about finding the right home and community for your lifestyle. As part of our relationship-driven approach to service, we excel at identifying properties that are best suited to your unique needs. We provide you with everything you need to make an informed choice about where to buy.
Looking to break into the West Toronto market? Our team of industry insiders can help you reach your home-buying goals. Call us at 416.441.2888 or reach us by email at evan@christensengroup.ca.
