Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Buying a Home

New Year’s Resolutions to Help You Buy a House in Canada

Zoocasa by Zoocasa
January 2, 2023
in Buying a Home, Canada
3 min read
January 1st calendar with "New Year Plan" written in red marker. Calendar Blog Hero.

January 1st calendar with "New Year Plan" written in red marker. Calendar Blog Hero.

Share
Tweet
Share
0 Shares

Buying a house is a significant commitment, and the process can be intimidating. It’s essential to develop intelligent budgeting habits early on to achieve your goal of homeownership in Canada. Here are some New Year’s resolutions to help you achieve financial success. 

Plan Ahead 

Planning is one of the most critical things when budgeting for a house. At the beginning of the year, create a plan outlining what steps to take and when. This plan will help ensure that you take all the necessary steps, such as saving enough money for a down payment, getting pre-approved for a mortgage, and researching different neighbourhoods. Having measurable goals will also help keep you motivated throughout the process.

  • Related Read: Will the Market Bounce Back in 2023? Zoocasa’s Housing Predictions

Set a Budget and Stick to It 

Before looking for homes, you must understand how much you can realistically afford each month. Take into account your expenses, such as rent, car, student loan, and other living expenses. Once you know what you’re comfortable spending each month, ensure it’s reflected in your budget. Budgeting will help ensure that once you find your dream home, it won’t become a financial burden. 

Start Building Your Credit Score

Your credit score is one of the most important factors when getting approved for a mortgage loan—the higher your score, the better the chance lenders will approve the amount of money you need to buy the house. To improve your chances of qualifying for a loan with reasonable interest rates, make sure to pay all bills on time and keep balances low on any current debts or loans that you may have outstanding.

  • Related Read: How to Secure a Good Credit Score for Your Mortgage Application

Reduce Your Debt 

The amount of debt you have can affect whether or not you qualify for certain mortgages or if lenders will even approve your loan application. Therefore, reducing your debt should be part of your plan when budgeting for a house in Canada this year. Consider making extra payments when possible or consolidating multiple loans into one lower monthly payment to reduce interest payments and pay off debt faster. Additionally, look out for any fees or penalties associated with paying off loans early so that these don’t come as an unexpected cost later. 

Save Money For A Down Payment

Having money saved up for a down payment is one of the best ways to show potential lenders that you’re serious about buying a home and managing finances responsibly. Start by creating an emergency fund with at least three months worth of living expenses saved up before putting any funds towards your down payment savings goal. As soon as possible, try to save up at least 5% – 20% of the total cost for your down payment; depending on where in Canada you live, this amount could vary significantly due to regional market conditions.

  • Related Read: Buying a Home? Here Are 5 Ways to Save for Your Down Payment

Buying a house requires careful planning, research and dedication to succeed financially throughout the process and beyond closing day. Making these New Year’s resolutions now will give you an edge when it comes time to apply for financing and purchase your dream home in Canada! With these tips in mind, 2023 could be the year that makes homeownership become a reality!

We can help you find the perfect home!
Contact us today to talk to a Realtor in your area
Previous Post

How to Avoid Winter Home Insurance Claims

Next Post

Hidden Gems in Oshawa Available for $500,000 or Less

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

Canada

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023
a trowel and a fork in the ground.
Canada

Canadian Gardening Tips for a Successful Spring and Summer

May 30, 2023
A house that needs repair
Affordability

What You Need to Know Before Buying a Fixer Upper

May 26, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023
a trowel and a fork in the ground.

Canadian Gardening Tips for a Successful Spring and Summer

May 30, 2023
A cottage on the lake

Best Cottage Areas in Ontario

May 30, 2023
Skyline of Toronto

Exploring the GTA Cities with the Highest Property Taxes: An In-Depth Analysis

May 29, 2023

Featured Listings (Updated Weekly)

A small lighthouse in Nova Scotia

Luxury Real Estate in Halifax, NS: 7 Listings You Can’t Miss

May 12, 2023

Updated: 7 Houses Currently For Sale in Toronto Under $699,900

May 2, 2023
A detached house on a sunny day.

Updated: 7 Houses Under $900,000 For Sale in Mississauga

April 27, 2023
The outside of a detached home.

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

April 26, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.