renter

Fallacies about the buying process keep many renters from exploring the possibility of buying a home, but savvy real estate agents know a little education can go a long way in turning many of these would-be renters into lifelong homeowners. Many renters consider home ownership out of reach, have concerns about economic uncertainty and fear of a housing downturn as reasons to sit on the sidelines, with many preferring to watch the market before making a move to buy.

1. “Renting makes more sense because I may move in 5 years.”

Sure, while it may make more sense to rent than to buy over a short term of a few months, the equation can easily flip with buying being the best value for a homeowner planning to stay for at least five years and, in some cases, as few as two years!

2. “I don’t make enough money to buy.”

Income is important but not as limiting as people may think. Just as there are high income earners who are “house poor” (spending more than 30% of their income on their mortgage), there are people with modest incomes who are able to live comfortably in their own home.

Also, renters must bear in mind that rent is almost always guaranteed to go up, while the payments on a fixed-rate mortgage will not, making ownership the more budget-friendly approach over the long term.

3. “I can’t save enough for a down payment.”

Many are not aware of the many programs such as Home Buyers’ Amount ($5,000), Home Buyer’s Plan (withdraw from RRSP), GST Rebate, and Government Equity Program that allows first-time buyers to close on a house with almost nothing down!

4. “There’s nothing in my price range.”

Once a renter has been pre-approved for a mortgage, they have a good idea of their target price range. Then, when they start looking at the entry-level inventory, they find themselves up against a competitive market.

Here’s where I can help you out! I will guide you as a first-time buyer into looking at different areas where homes are in your price range, but also help you find those rarer listings where a home that’s not necessarily move-in ready yet in a nicer neighbourhood is selling for less.

I have been working alongside Kris Crawford at Innovative Mortgage for a long time and I highly recommend contacting him for mortgage related information!

5. “The perfect house is waiting for me.”

Renters who have watched many real estate TV episodes may have unrealistic expectations about buying a property.

First, they may not be aware that every property has pros and cons. It’s important to remind them that finding an affordable home is going to involve some trade-offs, but ultimately, will offer the security and accomplishment of ownership.

Second, good houses go fast, so first-time buyers must be financially, mentally and emotionally ready to act.

Check out my current listings or if you see a house you like – let’s make something work!

Be sure to check out our new Renter-to-Homeowner program launching soon!

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