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Financing & Mortgage Guidance | October 23rd, 2021

Is now a good time to buy a home?

Making smart money moves is quickly becoming a top priority for today’s millennials. They’re looking to work smarter, not harder, and be even smarter with their cash in hand.

According to a survey conducted by Royal LePage, almost 48% of Canadians between the ages of 25-35 currently own their home, and twenty-five percent of them purchased a property during the COVID-19 pandemic. In this same survey, 84% of respondents who currently don’t own a home indicated that they would be investing in a property in the near future.

Let’s talk about what you should be looking for in a starter home and when you should make the purchase!

How much will my modular home cost?

What to look for in a starter home

Buying your first home can be stressful, but it doesn’t have to be! We encourage you to sit down with a pen and paper to map out your ideal future over the next 5-10 years. It may feel like a big task, but it’s important to determining the right fit.

For example, if you’re currently single but see yourself with a partner and kids within the next decade, you want to build that into your floorplan. A one-bedroom home may work for now, but investing in a home with 2-3 bedrooms may be a great long-term decision.

Your starter home must be one you can afford with your financial situation right now. Life is too short to worry about being house poor! Be modest in your search for the right starter home. Being a homeowner comes with unexpected, necessary costs that you’ll want to be prepared for.

Should I buy a home now or wait?

While things like mortgage rates and the housing market can ebb and flow, one thing is for certain: choosing modular can save you money regardless of when you purchase.

It can be easy to rush into a buying decision based on the latest article talking about how interest rates are at an all-time low, or after watching a newscast explaining how it’s a “buyers market”. You can have confidence knowing the ball has always been in your court when shopping for modular homes.

Learn more about the modular advantage

If you’re ready to own your home faster and for less money without sacrificing quality – there’s never been a better time to shop for your dream modular home.

How do I know what I’m approved for?

You won’t need to comb through your bank statements to tally up your profit and loss in order to determine what you qualify for in a home mortgage. There are several great online tools to project what you could be approved for!

Use this calculator from the CMHC to determine what you can afford when looking to buy your home. We recommend reaching out to your bank or qualified mortgage broker for a comprehensive assessment of your finances to see exactly what you’re working with.

Should my first home be modular or stick-built?

We may be biased, but we’d love for you to consider choosing modular for your starter home. If you’re dreaming of rural life instead of the hustle and bustle that comes with city living – modular could be a great fit for you.

If you aren’t familiar with modular housing, you may be picturing a trailer park (like in the movies). But, let’s clarify before we continue – modular homes are not trailers. In fact, when we compare apples to apples, the only real difference is that modular homes are precision built in a climate-controlled factory. In simple terms, a modular home is simply built in an indoor factory while stick-built homes are built outside, exposed to the elements.

You can still choose your options, finishes and floor plan! There’s no shortage of say in what you’ll get with a modular home. You probably won’t believe that these homes are built in a factory!

The Tuscany

The Pinnacle

Ready to invest in your future? Get started by reaching out to one of our friendly Housing Consultants. They’ll guide you through a variety of options that suit your needs and help you work towards achieving your home ownership goals!

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