One Stop Mortgage Corp Blog

Not Quite Ready to Buy? 4 Ways to Prepare in the Meantime

May 22, 2015

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There are plenty of reasons why the timing might not be right to buy a new house, new townhouse or new condo. Family and relationships have a notorious reputation for getting in the way of our timelines (which isn’t a bad thing!).

Sometimes our budgets just aren’t ready to commit to taking on a mortgage, and that’s ok too. It’s important to be prepared when it comes time to sign on the dotted line.

The good news is that there are a few things you can do in the meantime so that when the time comes you’re completely ready, willing and able to purchase.

 

1. Boost Your Credit 
The state of your credit matters when your mortgage broker is looking for a lender. Boosting your credit score will make it easier for your broker to get the funds you want (and therefore the home you want).

Pay down your credit cards, diminish your debt and keep your bills and invoices in healthy order.

 

2. Build Your Down Payment 
Since you’re going to take some time before buying your new home, use it wisely and add to your down payment. It might make for a busy year or so, but you’ll be happy once you get into your new home and your mortgage payments are lower.

 

3. Visit Potential Neighbourhoods 
One of the fun ways to pass the time is to explore potential neighbourhoods. Test out elements that will be specific to you if you move into the area:

  1. Try the commute to work
  2. Visit local amenities like grocery stores and parks
  3. Go for a walk or two at different times of day

Taking a potential neighbourhood for a test drive will teach you whether or not your first impressions hold up under scrutiny.

 

4. Consolidate (AKA Get Rid of Junk)
If you’re planning a move in the next year or so don’t be afraid to say goodbye to old items you aren’t going to need in the new home. Living somewhere new is a fresh start so don’t bog yourself down with clutter you’re never going to need again.

Plus, it will mean less boxes to carry!

When it comes to buying a new home it’s important not to rush into something you’re either not sure of or not comfortable with. Take your time to make a decision that’s right for you and you’ll be glad you did in the long run.

Want some help planning your future? We’re here to help, give us a call today!

 

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