Single Woman’s Guide to Buying a Home

Buying a home in Toronto can be one of the best long term investments you can make. Like the saying goes, you can pay your mortgage or you can pay someone else’s. It can also be nerve wracking to do it on your own though. Here are some tips on how to minimize stress and maximize reward.

• Don’t wait: If you are waiting until your life situation changes to buy a home, you could be handing money away. Talk to a real estate agent who understands.
• Make it affordable: Don’t buy at the upper limit of what you can afford. Also, try to put together as large a down payment as you can to reduce mortgage payment size.
• Find the right spot: Pick a place close to the things that matter to you: work, friends, social scene. A safe neighbourhood is a big yes. If you’ve got a question about how to find a great one, drop me an email.
• Bring back up: Ask a friend or family member you trust to come along for a second opinion. Choose a Realtor who has your best interests at heart, too.
• Make the right choice for you: Yes a condo is cheaper but if you can afford it, a house has a higher resale and you can always put in a rental apartment to offset higher costs. With maintenance included, a townhouse can be the best of both worlds. Talk to a Realtor you trust about what works best for your situation.

If you are thinking of waiting for that perfect someone to come along before you take the plunge, take a look at these numbers:
In February 2006 the average sale price of a detached home in the GTA was $367,000. With a posted 5 year fixed rate interest rate of 6.3%, and a down payment of 20% ($73,400), your monthly payment would have been $1,931 with a total amount paid over time of $652,745 and a total interest costs of $285,745
In February 2011 the average sale price of a detached home in the GTA was $479,250. With a posted 5 year fixed rate interest rate of 5.19%, and a down payment of 20% ($95,850), your monthly payment would have been $2272 with a total amount paid over time of $777,308 and a total interest costs of $298,058
In February 2016 the average sale price of a detached home in the GTA was $1,211,459. With a posted 5 year fixed rate interest rate of %4.64, and a down payment of 20% ($242,292), your monthly payment would have been $5,439.76 with a total amount paid over time of $1,874,223 and a total interest costs of $662,764
Don’t wait, go after the life of your dreams right now. Another cliché, but true: the best time to buy was yesterday but the second best time to buy is today. Give me a call, I can help!