The Newsy Neighbour Magazine
March Issue 113
Article Provided By: Katelyn Haffner with The Real Estate REPs
Why
purchasing a house before marriage has become a popular trend among
millennials.
With interest rates still low and CMHC rates ever changing, the
real estate market has seen an increase in millennials taking the
non-traditional route of purchasing a home and co-habiting before
marriage.
According to WeddingBells.ca, the average Canadian wedding
including a honeymoon costs $22,429-$27,899. Wow! It’s no wonder that many
couples are using those savings to invest in the home or lifestyle they desire,
rather than renting an apartment or home that doesn’t quite meet their growing
needs. By utilizing those “would be” wedding funds, couples can invest and
build equity in a home and get a head start on their financial future.
If you are unmarried and are considering purchasing a home with
your other half, here are some important points to cover:
1) Talk to a lawyer: Just like marriage, purchasing a home is a
legal, binding, contract. You may be advised to have a legal co-habitation
contract drawn up between you and your partner should the relationship end.
Each of you are 100% liable for the debt…make sure you both are satisfied with
the agreement.
2) Get pre-approved for a mortgage: Talk to your local bank or
mortgage broker to walk you through the pre-approval process. Once you know the
budget of the home you can afford, you can start shopping!
3) Call your favourite realtor! Your realtor will assist you
with finding homes within your budget in your market area. They can also
provide you with market statistics and sales to ensure that you are making a
smart, financial investment.
4) And lastly, much like a marriage proposal… better ask her
father!
On another note, I invite you to join the myself and The REPs
Group of Re/Max Realty Horizon on Wednesday, March 1st starting at 7pm at
Humpty’s Restaurant in Strathmore. We will be hosting a Home Buying Info
Session for anyone interested in attending. Whether you are a first-time home
buyer, investor, or simply just looking for information on the real estate
market, we invite you to come out. We look forward to seeing you!
Article Written by Katelyn Haffner, The REPs Group
No comments:
Post a Comment