5 Tips For Buying a House in Mississauga

What comes to mind when you think of buying a house in Mississauga? Expensive real estate, high taxes and the Great Lakes, right? While these are all correct, this city has much more! We at COVL know that buying a home is no easy feat. With market trends changing regularly, how do you stay on top of what’s available and where? As one of the fastest-growing cities in Canada and home to two universities, we understand your struggle. Luckily for you, here are five tips you need to know about buying a house in Mississauga.

Find out if you’re eligible to buy a home in Mississauga

When buying a home, many factors determine if you are eligible to buy. First and foremost, ensure a stable job and enough income. Next up, you need to consider your debt-to-income ratio or DTI. Your DTI should be no higher than 39%. This means you should have no more than $39 in debt per every $100 you make. If you’re married, your spouse’s income will be included in your DTI. You will also need a down payment of 20% of the home’s value and proof of steady employment for the past two years.

Know the average price for homes in Mississauga

If you’re looking to buy a home in Mississauga, it’s a good idea first to figure out how much the average home costs. As of September 2018, the average home price in Mississauga was $780,675. It’s important to understand that average home prices vary depending on the neighborhood you’re looking in. In Mississauga, you will find a wide variety of neighborhoods. The most expensive area is the lakeshore, while the least expensive is Malton. Again, it’s important to remember that prices can vary depending on location. Click here to find the nominal price for homes in Mississauga.

Set a budget and stick to it

As soon as you start to set a budget, you’ll be able to narrow down your search. Once you know the average price for homes in your area, narrow your search by sticking to your budget. If you find a home well under your budget, you might consider purchasing it even if you don’t love it. Again, a home is an investment. The best way to ensure you stay on track is to speak with a financial advisor and set up a budget. This way, you’ll be able to stay focused on your finances and remain debt-free.

Check out your different options for financing

Depending on your bank, you may be able to get a mortgage for as little as 3%. If you’re a first-time buyer, you may be able to get a government-backed mortgage with a very low interest rate and a small down payment. Some lenders will allow you to combine your mortgage with other loans and credit cards, which can lower your monthly payments. If you have credit card debt, it’s best to pay off as much as possible before applying for a mortgage. This way, you can avoid paying high interest rates.

Find the home that suits you best

A lot of people think they have to buy a house that’s close to work and family. In this scenario, you’ll never find a place that you really love. Instead, find a home that suits your needs, your budget and your lifestyle. If you’re a young couple just starting, you might want to find a home in a neighborhood with lots of green space and schools nearby. Or, perhaps you’re a growing family and want to be in a neighborhood with many parks. Whatever your needs are, make sure you find the home that suits you best.

Final words

Buying a home is a big deal, and in many ways, it’s the ultimate form of homeownership. Once you own your home, you can make as many changes as you want to create a perfect space for you and your family. That said, it’s important to remember that buying a home is a huge financial commitment. Before you commit, make sure you’re prepared. There’s no doubt about it; buying a home can be stressful. But, with the right information and preparation, you can easily navigate the real estate process.