Signs to Buy a Home in Oak Bluff Winnipeg

Owning a home is a goal for many Canadian residents. Buying real estate is a great way to generate equity and create some security for yourself. Although renting can provide flexibility and less responsibility, owning a home comes with many more benefits. However, it can be difficult to know when you’re ready to buy a home in Oak Bluff Winnipeg. Especially, if you’ve gotten used to renting. In this article, we will be going over some of the telltale signs that you are ready to own your own property. From your credit score to income, we are here to provide you with the assurance you need to make an informed decision. Follow along below to learn more!

Are You Ready to Buy a Home in Oak Bluff Winnipeg?

1. Your Credit is Good

The first sign that you are ready to buy a home is having good credit. Being creditable will afford you many opportunities when it comes time to purchase a home. For instance, you will be able to qualify for a lower interest rate mortgage compared to someone who has poor credit. In addition, the process of being pre-approved will go much smoother and you’ll be more likely to get the financing you want! Most lenders look for a credit score of 650, but the better your score, the better your chances of getting a great mortgage rate. This is because lenders will be less concerned about you defaulting on your payments. 

2. You Have Minimal Debt (Financially Stable)

Another sign that you are ready to own your own home, is having minimal or manageable debt. This is known as a person’s debt-to-income ratio (DTI). In Canada, this is usually calculated by adding up your debts and dividing the sum by your gross monthly income. If you have some debt, don’t worry! Virtually nobody expects you to be debt free. However, you want your DTI to be relatively low. Otherwise, lenders will be less likely to approve you. 

3. You’re Tired of Renting

If you’re tired of renting and truly want to own your own place, this is a good sign that you are ready to buy. After a while of renting, it can be frustrating having to deal with landlords, roommates and rent increases. Owning your own home can give you the freedom you need to transition into the next chapter of your life. If this sounds like you, be sure to evaluate your financial situation before jumping into buying a home. 

More Signs to Buy!

4. You Want to Settle Down

If you don’t have plans of going anywhere and you love the city you live in, buying a home could be a good option. This way, you won’t have to worry about rent increases, flaky roommates, or bad landlords. Instead, you’ll be able to focus on investing your money and settling down. Those with stable incomes and a desire to stay in the area they’re in should consider buying a home.

5. You Can Afford a Good Down Payment

One of the biggest hurdles of buying a house is being able to afford a down payment. In Canada, you are required to put a minimum of 5% down when purchasing a property. Of course, the more you can put down the more you’ll save over time. Simply saving an extra five to ten thousand dollars can make a huge impact on the monthly cost of your mortgage. Furthermore, a bigger down payment can help you afford a larger property, better neighbourhood, or nicer amenities. 

You’ll also want to make sure that you have some money saved to cover closing costs, maintenance and emergency funds. Saving more than you intend to spend for your down payment is never a bad idea!

6. You’re in a Stable Position

Buying a home is a big deal. In fact, it’s one of the largest transactions most people will make in their lifetime. In addition to this, it is much more difficult to sell a home than break a lease. Because of this, it’s important that you are in a stable position to own and take care of a house. Not just financially, but mentally and physically, as well. This is especially true if you are planning on purchasing a home with your partner. 

Contact me Today!

If you have any other questions about whether you’re ready to buy a home in Oak Bluff, Winnipeg, contact us today! We’d be happy to help you find the home of your dreams and support you through your real estate journey. Please feel free to reach out with any additional questions or concerns. Be sure to check out our social media for the latest updates and more. We look forward to working with you in the near future!