Those living in Canada under the age of 35 are less likely to own property than those above the age of 35.
If you’re under 35 years old and living in Canada, does that mean you shouldn’t invest in a home? It’s confusing to know exactly when to buy a home because it seems like everyone has a different opinion.
There’s no need to sweat! Each person moves through a variety of stages of life, and the time to buy a home is different for everyone. We’ll show you.
Below is a guide to the best life stage to buy a home. (Here’s a secret: There’s no clear-cut answer.)
New to Adulthood
Ah, welcome to the world of adulthood. It’s fun, intimidating, and full of learning curves. It’s also full of responsibility, including bills.
If you’re new to adulthood and considering buying a house, weigh your options. There’s a different ‘correct’ answer for everyone, and it’s important to make the smartest, most informed answer for yourself.
Do you have debt resting on your shoulders? And a minimal savings account? You might choose to rent until you can afford to buy a home.
If you have little to no debt and a decent savings account, investing in a home during this stage of your life is a great choice! Split mortgage payments with a partner or friends. Rent out spare rooms for extra income.
We’ll say buying a home is great when you’re new to adulthood because it gives you a fresh step and clean slate in your new adult life. It feels good to be able to piece together your life how you want.
There’s no doubt being a single parent comes with challenges. Some are lucky enough to split child-related costs with the other parent, but some single parents are responsible for all of the bills.
This is another situation where you’ll need to weigh your options when making a plan. Always do what’s best for you and your child.
If you can buy a home at this stage in your life, explore your options! Some people split homes with trusted relatives or other single parents. Other parents want to invest in a space to live alone with their children.
Investing in a home for you and your kid(s) provides a stable place to heal, grow, and relax. It’s a safe place from confusion and chaos!
You were finally able to marry the love of your life. It now seems like you have the whole world ahead of the both of you. Why not buy a home?
Buying a house as newlyweds gives a tangible, concrete foundation to the beginning of your journey as a married couple. There’s beauty in picking out furniture, wallpaper, and paint together.
And now, you’ll have your own space to enjoy quiet movie nights, dinner parties, and Sunday morning breakfasts. You might even have room to start a family if you’d like.
Are you engaged and wondering when to plan? Start planning now! Explore the housing market of Ontario together.
Schedule home tours during the weekends and seek buying advice from family members and friends. Look at neighbourhoods close to your place of work, and check out areas with restaurants, stores, and gyms.
Another stage of life you might find yourself buying a home during is the stage of growing your family. You’ll need more space if you’re planning on having more kids!
Evaluate how much space you currently have and brainstorm how much you’d like to expand. A new home can provide room for nurseries, child playrooms, and a space specifically for the parents.
You might also consider buying a new home for your growing family if the one you’re in right now doesn’t seem sustainable. Investing in a home that’s clean and safe will allow you to expand your family in peace.
The kids are all gone, and the house seems much too large. You’re officially empty nesters! Why not buy a new home?
Downsizing and relocating isn’t always a bad thing. Buying a new, smaller home gives life at home a more intimate feel. Plus, you won’t have to worry about cleaning as much.
If you’re an empty nester and/or near retirement, look at homes in quiet communities. Check out local elderly communities, or escape to more rural neighbourhoods for a simpler life.
There are plenty of small towns in Ontario that offer tiny cafes, beautiful gardens, antique shops, and friendly folks. Imagine the life you could have in your new home.
Making a Plan
No matter the stage of life you’re in, buying a home is no small task. It requires making a plan.
Take a look at your finances, mortgage options, and lifestyle situation. Explore different options of how you’ll pay your mortgage, whether that’s paying it yourself or finding roommates.
Once you know what you want, see what’s available on the market. And remember, it’s okay to ask for help. You may end up hiring a financial advisor and/or a real estate agent.
The Best Life Stage for Buying a Home
There’s no straightforward answer to give when someone asks about the best life stage for buying a home. But this just means there’s a world of opportunities for everyone out there!
Some people buy a home when they’re fresh into adulthood. Others wait until they’re married and having kids to buy a home. No matter the timing, a home is a valuable investment for anyone.
Are you searching for mortgage brokers? Mortgage Winners in Milton, Ontario, are ready to serve you and your family. Apply online today.