Millennials are changing how so many things work in our world, from the use of technology for communications through to expectations of what is expected in a working relationship. Every generation has its own needs that can be slightly different from the previous generation. At the end of the day, we all want to work with a professional and know that they have our best interests in mind.
Our Millennial Home Buyer Guide:
Student Loans?
The question of whether to pay off loans is a common one that we get. Our response 100% of the time is, “it depends.” Why so, wishy-washy? We all have different circumstances. You will need a down payment to purchase. We can guide you through the amount required. This doesn’t necessarily mean that you must pay off your loans beforehand, but we will guide you through that.
Do you have a career that will allow you to pay off the loans quickly? Is the interest payment on the loan better than borrowing for a mortgage? (i.e., is there a total net benefit to purchasing) What is your long-term plan? What type of lifestyle do you want to live? Maybe you want to live in the coolest neighbourhoods in Toronto?
We ask a lot of questions to get you thinking. We then suggest speaking with a great mortgage broker and a financial advisor. It takes one step at a time to get clarity. We are confident that the clarity will come, and your confidence in your decision will rise.
Realtor
You need a realtor who is not only professional and knowledgable but someone who understands how you prefer to communicate. Is it best to be over text, in person, email, phone? It may sound trivial for some, but we cannot tell you how common it is that millennials like digital communications. We get it, and that’s fine with us! Choose a realtor wisely! As much as you may have grown up with a great deal of technological savviness, please let us assure you that very few realtors are tech-savvy!!!
Are you a millennial looking to invest in a property? Click here to get started!
Can I Actually Afford To Buy?
If you scroll up to the first section, this may sound familiar: it depends… you may be able to purchase a home in Toronto. It may be possible. By speaking to us, a great mortgage broker, etc. we can point you in the right direction for you begin your real estate investment. We have helped people realize their first step onto the property ladder. It may be a condo, but it’s a start. And buying a condo in downtown Toronto is a great move; we do not have enough for the population growth!
Ask Questions
If this is your first property purchase, be sure to ask every question that comes to mind. It’s worth it. The more you know, the higher your confidence will be (assuming you are working with an excellent realtor!). Understanding what is happening in the marketplace will go a long way toward buying your first home!
The Mistakes By Age Group
We recommend having a quick read of this blog post, and it explains the Mistakes We Make Decade By Decade hen it comes to purchasing (or not) purchasing real estate in Toronto. We are big believers that knowledge is power. Understanding what others have done right can help guide your decisions.
