Are you thinking about buying your first home, upsizing or downsizing, or investing in 2025? Now is the time to get all your ducks in a row. Being prepared financially is an important first step as is knowing all your options. A host of mortgage reforms were introduced in 2024 that can significantly impact your buying power in 2025. From the price cap of insured mortgages increasing to the expansion of eligibility of 30 year mortgages, there is a lot to consider.
Saving for a down payment
If you’re a first time buyer the down payment you need will depend on a variety of factors. Once you know how much you need to save, there are a myriad of different incentive plans you can access to help make your home buying dreams a reality sooner rather than later.
Getting your credit score in order
Whether you are a first time buyer or a seasoned investor a good credit score gives you access to more money at a lower interest rate. In Canada, you need a credit score of 680 or above to qualify for the best mortgage rates, although some mortgage providers will give you a mortgage with a credit score of 600-680 at a higher interest rate.
Once you’ve got your financial plan in order here are important steps for both buyers and sellers.
Picking the right neighbourhood…
It’s not just about the actual home you are buying you need to consider, it's also about what the neighbourhood has to offer. There are lots of things to keep in mind,everything from school districts to accessible transit. When making any of these decisions don’t just think about what you need today, give some thought to how things will change in the next 3-5 years.
Getting Your Home Ready to sell
Whether you are upsizing or downsizing it’s important to have the home you’re planning to sell in tip top shape. From the time they pull up in front of your home to the smallest of details in every room, you want your home to look like their future home.
This is a great time to talk to a professional. As an experienced real estate agent, I know what to look for and who to call if you help from the trades.
Often the first thing people start with is decluttering. Going through your home one room at a time getting rid of items that you don’t need can be a daunting taste. It can also be quite freeing knowing that items that no longer serve you are of value to someone else.
Depersonalize your space! Remember you want potential buyers to be able to picture themselves in their new home.
Next you need to prepare your space for potential buyers to see pictures on line and to go through your home. Make a detailed list of all the small repairs that need to be done.
A fresh coat of paint can be an inexpensive way to really make your home look fresh and clean.
Clean, clean, clean: Start at the sidewalk and work your way through to the furthest reaches of the backyard.
There is a lot to consider when you are buying or selling a home as a seasoned real estate agent with over 35 years’ experience, I can work with you each step along the way to make sure you make informed decisions that work the best for you.
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