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Purchasing your first time is a big step, and when that comes with the 25-year financial
commitment of a mortgage, it’s a decision that shouldn’t be made lightly. That being said, buying your home doesn’t need to be overwhelming, especially if you know that it’s the right time to do so.

If you have been thinking that it might be time to transition away from renting and towards purchasing your own home, keep reading! Here are 8 signs you might be ready to make jump into homeownership!

1. You can see yourself living somewhere for at least the next 5 years or so.

You have found a city, or maybe even a neighbourhood, that you love and could see yourself staying in for a while. You don’t have the itch to move to a new city and you are looking forward to putting down roots in an area that makes your day to day life awesome.

2. You have been able to hold down a job for a while.

One of the many things mortgage lenders consider is how steady your income is. This doesn’t mean that you have to stay in the same job forever, but if you have been consistently employed and feel confident in your ability to stay that way, it may be time to buy! Why let that hard earned money that you have worked so hard to keep coming in go towards someone else’s mortgage?

3. You have started to save up some money.

It can be a great feeling when you start to see your debts start to creep down and your savings start to increase. For most, this starts to happen sometime after school has been completed and your work situation has reached some level of stability. Having savings is great, but make sure you’re making smart choices with that money. Investing it into your first home as a down payment can be a great option.

5. You want more control over your home.

Your home is a special space for you, but always having to ask someone else on what you can and can’t do or when and how things will be fixed can be frustrating. Owning your own home can give you the control you’re looking for to do anything from a new wall colour to a major kitchen remodel.

6. You feel good about your payment habits and credit.

Long gone are your days of overspending on your credit cards and constantly making only minimum payments because you didn’t budget. Not only are your expenses under control, you pay them on time and as a result, you are confident in your credit. Having solid credit is a huge asset when it comes to getting a mortgage – it’s also a great sign that you are probably ready to buy.

If you know that buying a home is a priority for you but you don’t think your credit is quite there yet? A credit expert like Richard Moxley from Kardia Credit Solutions is a great resource to reach out to in order to get you closer to your homeowner goals.

7. Your financial situation has stabilized, and you aren’t planning on taking on any on any other major expenses.

If you are planning on spending big bucks on major milestones like cars, weddings or trips anytime soon, you might need to decide on what your priority is. Being financially responsible often means making choices and deciding where you want your money to go. However, if buying a home is number one on your list, it’s likely the perfect time to make that dream come true!

8. You have an idea of what you would want in a home.

Condo vs. House; New Build or Historic Charm; Central or Suburban Location; Yard or no Yard; Number of Bedrooms; etc. These are just a few of many decisions that you will have to make if you choose to buy a home. If you feel comfortable that you know what you need to meet the needs of your lifestyle, great! You’re probably ready to call up a mortgage broker and start looking for your first home!

If reading this has given you the confidence to consider buying a home, let’s get started! A quick conversation with a mortgage broker is the best way to get a clear idea of if you are truly financially ready to purchase a home and what you can afford.

Ready to buy? We are here to help!

Your unique situation merits a unique answer. If your mortgage is up for renewal soon, please get in contact with your mortgage broker and begin discussing your options.