It takes the average Canadian household 63 months, or just over 5 years, to save the minimum down payment needed to buy a “representative dwelling,” National Bank of Canada says.
There are more than a few things you can do to increase your odds of landing a home of your own.
Tips for saving up to buy your dream home
Construct a plan with an expert
You might be amazed to know what a mortgage broker can do for you. At Client First Mortgage Solutions our mortgage brokers can help you create a monthly budget and then calculate a down payment and mortgage payments that fit into it. From start to finish, our mortgage brokers will help you through the entire home-buying process. Contact Us today!
Read Build a plan to move into your dream home for tips from a mortgage broker.
Look at homes that need TLC
In today’s housing market, you need to keep your budget in mind first. Rather than putting 5 per cent down on a move-in ready home, you may want to consider looking for homes that need a little TLC.
Buying a fixer upper isn’t for everyone, but if are able to take this on it could be a game changer when it comes to affordability.
Remember the money you save going for the cheaper property, could be used towards renovations. And renovations will help increase the value of your home.
Decide where you want to live
You may have your heart set on a location where house prices are sky rocketing, but remember there are hundreds of other communities that are still affordable.
Start looking at smaller, less expensive communities where you can become a homeowner and continue your career or even start a business.
Seek your parents’ help
As prices continue increasing, more and more parents have been contributing to their children’s down payments. Turning to mom and dad is one of the most effective ways of boosting your down payment savings without having to incur any extra debt.
Get serious about making and saving more money
If your current income and budgeting efforts aren’t enough to build up your down payment, its time to look for additional ways to make money.
Do you have a car or bike and a few extra hours at the end of your day? Do you have a unique skill or hobby that other people might be interested in? Turn it into a side job. You should be able to keep your overhead costs low, which will make your attempt to earn money by doing something you already enjoy relatively risk-free.
Original Article – National Post
