5 Tips That Can Help Millennials Become Homeowners, Despite The Current Prices

Jun 16, 2017

Time after time, Toronto has been ranked as one of the best cities in the world to live. Pretty cool, eh? That being said, it should come as no surprise that Toronto is now being ranked among some of the most expensive cities in the world to live.

Being the desirable city that Toronto is, it welcomes roughly 100,000 new residents every year. With programs like the 2005 Places to Grow Act (that requires the city to “build up instead of out”), and the surplus land that’s been put on hold, our desirable city is no longer very desirable for our wallets.

When looking at the average price of a home in 2017, we understand why many millennials can feel a bit discouraged. That being said, we want them to know that homeownership really can be an affordable option, and can also be a lot less stressful than they might think! So, we asked industry-leading professionals what the best tips are for first-time homeowners, and here’s what they said:

Put money aside every paycheque

Tips That Can Help Millennials Become Homeowners

Even before you begin the hunt for your first home, you should have a plan in place to help you save absolutely every penny you can (without sacrificing your sanity or daily life, of course!). Creating a “first-home savings plan”, and depositing some money every paycheque, can truly help turn your dream into a reality.

Buy pre-construction

Tips That Can Help Millennials Become Homeowners

Planning ahead is the best thing you can do to make your dream home more affordable. Buying your first home before construction can give you the time to save up the money that you need, and the opportunity to get your life, career and finances exactly where you want them to be. Also, because deposits are spread out, pre-construction homes are easier to manage – so try looking into the future, and choose a pre-construction home for your first home.

Calculate an affordable price range

Tips That Can Help Millennials Become Homeowners

“Today, the most important determining factor in millennial purchasing habits is affordability.” – Jordan DeBrincat, Marlin Spring Senior Project Manager. That being said, our tip to you is, take the time to calculate an affordable price range for your first home before you start looking. It’s important that you also consider all the additional costs that come with owning a home – insurance, closing costs, homeowner’s fees, maintenance fees, utility payments, etc. Buying your first home, when approached with a proper, long-term plan, can be more affordable than you think.

Consider areas outside of major cities

Tips That Can Help Millennials Become Homeowners

Millennials that want to remain downtown are compromising on space to live the urban lifestyle. And some make the hard decision to move out of the downtown core to areas that are gentrifying.” – Linda Mitchell Young, Real Estate Sales and Marketing Consultant & Owner of Linda Mitchell Marketing Inc. Buying your first home outside of a major city may be the best decision for you and your wallet. So, when you’re deciding the location of your new home, remember to choose with both your head and your heart.

Reduce your rent

Tips That Can Help Millennials Become Homeowners

If you’re currently renting your home, it may be a good time to consider moving back with your parent(s) for a little while, or taking a look at sharing a space with a roommate before your big move. This is a common practice for many millennials nowadays, as it’s a great way to save some money that they can put towards a down payment for their first home.

In closing, we hope you find these tips useful as you begin your first-home hunt. If you are interested in purchasing your first home, and would like more information on our Marlin Spring communities, please visit us at https://marlinspring.com//.