Spring has sprung! Is it time to spring into homeownership?

Welcome to spring! We are just a few days away from the official start of the spring season, which comes as a relief to many Canadians. As the weather starts to shift, you might be wondering if now is the right time to make a change to your homeownership situation as well. Should you spring into homeownership this year? If buying a house is on your mind, here are a few considerations to help you make your decision on entering the market this season!

Why buy in spring?

First off, what are the benefits of purchasing a home during the spring season? Every season has different real estate trends, and springtime tends to be one of the most popular stretches for buyers and sellers. People often do not put their homes up for sale during the winter months if they can wait until the warmer weather arrives. This means there is usually a large number of listings that hit the market right around now! As a buyer, this is great for you, because it gives you more options to explore and a better chance of finding a property that meets your needs. You won’t need to settle for a property that doesn’t feel right for you! 

As we mentioned, springtime brings nicer weather with it. If you are going to be out and about touring homes, it makes the experience more enjoyable when you are not dodging snowstorms and frigid temperatures. This may feel like a small thing, but it does have an impact! Similarly, moving day will be a much more positive experience during the spring months. This time of year strikes the perfect balance between the bitter cold of winter and the blazing heat of summer. If you are hauling truckloads of items outside, you may as well do it in nice weather!

How to assess your readiness

How do you know if you are ready to spring into homeownership? Even if the timing for buying is ideal, there is no point in committing to the process if you are not prepared. There are a few different factors at play here. First is the financial aspect. Buying a home requires a large upfront contribution in the form of a down payment. It also demands monthly mortgage payments and an ability to take on maintenance and utility costs. You must ensure you are financially prepared for this investment. 

You also need to narrow down your must-have and your nice-to-have when it comes to buying a house. This is an important distinction as it will help you find a home that truly meets your needs without your wants taking away your focus. For example, some fair housing requirements may involve its location, size, or access to nearby amenities. Your wants, on the other hand, will include things like the flooring material in the kitchen or the size of the lawn. It’s not that you need to give up on these items altogether, but they shouldn’t take priority over your real needs.

Finally, there is no point springing into homeownership if you are not certain you are ready on a personal level. Becoming a home owner means taking on a huge amount of responsibility, not just financially, but also in terms of maintenance and upkeep. Plus, you should feel confident that you want to stay in the area where you buy long-term. If you aren’t sure where you want to settle, or you’re just not ready for the commitment, buying might not be the best move right now.

What are your first steps?

Once you have decided you are ready to spring into homeownership, what’s next? One of your first steps should be to start reaching out to real estate agents and mortgage brokers. Your realtor will be an essential part of finding the right home and submitting the most appealing offer. Meanwhile, your mortgage broker will help you find the right mortgage lender and product for your needs. These professionals will boost your access to the right sellers and lenders, and trying to go through the buying process without their services will cost you in the long run. 

You will also need to finalize your purchasing budget! One of the best ways to do this is to get a mortgage pre-approval. This will give you an idea of what you might qualify for in mortgage financing based on your current situation. While it is not an official approval, it gives you an idea of what you can expect to receive in today’s market. Anyone hoping to find an accurate estimate of their purchasing power should start with a pre-approval!

The decision to spring into homeownership is an exciting one! You can use these last couple weeks of winter weather to start preparing yourself for the process. Assess your preparedness for becoming a home owner, both financially and mentally. Be sure to separate your needs from your wants. Most importantly, reach out to your local mortgage broker for guidance! We are ready whenever you are. 

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.