If you are planning
to buy a home on your own or solo, then you may need to think about having 2
home buying budgets. When it comes to buying a property, do not focus on
romantic feelings for your loved one only when it comes to buying a home
together. Instead, most people nowadays are teaming up with their families,
friends, colleagues and even complete strangers when buying a new home. These
are better choices as the price for homes continue to rise.
However, the fact of the matter remains that the GTA housing market continues to be hostile since the average median income for a single person in this area is not sufficient to buy a home entirely on their own. Because of this, if you are looking forward to buy a home on your own, you need to allot more to your home buying fund, more than what you may have thought of allocating before.
How tough is it really?
The following information is to show you how tough it really is for a single person to buy a home all by himself or herself. According to studies by Zoocasa, a Canadian organization, the home price to income ratio is quite alarming and discouraging at best. It researched into the trends and current situations of 17 GTA municipalities. Their research was further bolstered by information from Statistics Canada and Toronto Real Estate Board.
The studies of Zoocasa shows how many multiples of an income would be required or needed to buy an average-priced property at various regions. This means for how many years the homebuyer would have to keep on paying the home cost from their salary account. Thus, if the Home Cost to Income Ratio is high, it will take longer to repay.
Ask your nearest real estate broker for the Best deals for home buyers in GTA.
How then to buy a home with limited income?
Many financial experts shall tell you that the cost of buying a home should never go beyond three times the income of your entire household so that you can pay off loans and costs easily. However, that is not always easy for everyone, especially when you are buying alone. The good news is that the lowest possible ratio is 7, and you can find highly affordable homes in the Clarington and Milton real estate markets. For couples, the ratio comes down to 3.
Conclusion
Thus, in this blog, you have seen what while things are certainly difficult to buy a home in the GTA area on your own or solo, all is not doom and gloom. There are still affordable real estate areas in the region. Ask your nearest real estate broker for the Best deals for home buyers in GTA.
However, the fact of the matter remains that the GTA housing market continues to be hostile since the average median income for a single person in this area is not sufficient to buy a home entirely on their own. Because of this, if you are looking forward to buy a home on your own, you need to allot more to your home buying fund, more than what you may have thought of allocating before.
How tough is it really?
The following information is to show you how tough it really is for a single person to buy a home all by himself or herself. According to studies by Zoocasa, a Canadian organization, the home price to income ratio is quite alarming and discouraging at best. It researched into the trends and current situations of 17 GTA municipalities. Their research was further bolstered by information from Statistics Canada and Toronto Real Estate Board.
The studies of Zoocasa shows how many multiples of an income would be required or needed to buy an average-priced property at various regions. This means for how many years the homebuyer would have to keep on paying the home cost from their salary account. Thus, if the Home Cost to Income Ratio is high, it will take longer to repay.
Ask your nearest real estate broker for the Best deals for home buyers in GTA.
How then to buy a home with limited income?
Many financial experts shall tell you that the cost of buying a home should never go beyond three times the income of your entire household so that you can pay off loans and costs easily. However, that is not always easy for everyone, especially when you are buying alone. The good news is that the lowest possible ratio is 7, and you can find highly affordable homes in the Clarington and Milton real estate markets. For couples, the ratio comes down to 3.
Conclusion
Thus, in this blog, you have seen what while things are certainly difficult to buy a home in the GTA area on your own or solo, all is not doom and gloom. There are still affordable real estate areas in the region. Ask your nearest real estate broker for the Best deals for home buyers in GTA.
Comments
Post a Comment