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The new year often sparks a need for change. It brings the desire to start fresh whether it be starting to live a healthier lifestyle, vowing to be more social, or looking for a new place to live. Searching for a home with another person can be challenging as you will likely find yourselves needing to compromise. As you look through all of the Toronto homes for sale with your partner, it is important to consider what you both want in a home and what you can afford.
Toronto real estate prices are consistently rising and therefore house hunting requires a conversation about what you can both afford. The 2021-2022 PolicyMe Canadians and Money Survey found that Canadians pay, on average, 27 per cent of their income on their mortgage.
Newly built or newly renovated homes will cost you more than a fixer-upper would so it’s worth discussing if you would like to have a move-in ready home or are up for a renovation challenge.
Another financial factor to consider would be how much you are able to pay monthly for a mortgage or rent. Typically, living in a detached or semi-detached home will require monthly payments beyond just a mortgage as you will be responsible for utilities including hydro, gas, water, cable, etc., whereas if you were to rent a condo unit, many of these fees are included in monthly rent and maintenance costs.
For this reason, investing in life insurance can be a smart financial move that helps ease the process. By securing a life insurance policy, you can protect your family's future and ensure that their finances are secured if something unexpected were to happen. In case either of you passes away unexpectedly, the death benefit payout from a last to die insurance policy can be used to cover mortgage payments, property taxes, and other expenses related to the new home. It is also important to find what is the best life insurance in Canada, relative to your needs. This can provide peace of mind and reduce the financial burden on your partner while you search for a new home together. Use PolicyMe's quote widget to find the best term life insurance rates in Canada and to get online life insurance quotes.
If you're moving in with elderly, life insurance for seniors over 75 no medical exam may be something to look into.
It's also important to plan for unexpected events, such as illness or job loss, by investing in financial protection such as life insurance Ontario no medical. This type of insurance can provide coverage without requiring a medical exam, making it a convenient option for those who may have difficulty obtaining traditional life insurance. By taking these factors into consideration and investing in financial protection, you can ensure that you and your partner are prepared for whatever life may bring in your new home. You may even want to look into what is critical illness coverage in case your partner is ill while house hunting. Use our life insurance rate calculator to get favorable rates.
Buying a home is a big financial commitment, and requires a commitment to your partner as well. If you both envision settling down together in one area, buying a home is a good option as you will have a place to call your own and allow you the freedom to design and renovate it to your liking.
Renting is a good choice for a couple who is not yet ready to live in one place for a longer period of time. It will give you the flexibility to change your environment and move when you feel like it’s time for another change whereas doing so when owning a home would be much harder.
Another thing to take into consideration when house hunting with a partner is the location. Where do you see yourselves settling down? It would be good to take into account the proximity of potential properties to both of your workplaces and its accessibility to transportation. It is also worth discussing how far from other family members you are willing to live. If you are both active in the nightlife scene and would love the daily experience of immersing yourselves in the city culture, perhaps searching for homes in downtown Toronto neighbourhoods would be a good fit. On the other hand, if you are both looking for a quiet and family-friendly neighbourhood, you may find that a search for homes in the suburbs may please you more.
When you have figured out the specifications of how much you are willing to spend, what type of home you’re searching for, and where you would like to be, it’s a good time to discuss what you would like the interior of the home to look like. If one or both of you live at home, an extra space for a home office might be on your checklist. When you have figured out the specifications of how much you are willing to spend, what type of home you’re searching for, and where you would like to be, it’s a good time to discuss what you would like the interior of the home to look like. If one or both of you live at home, an extra space for a home office might be on your checklist. If you both enjoy hosting company or have plans of starting a family in the near future, the idea of an extra bedroom would be important to look for as well.
House hunting with your partner can be an exciting process as it represents a new beginning for the both of you. Whatever route you take on your house hunting journey, it is important to have a discussion with each other about what that new beginning entails to ensure a favourable outcome for all.
Need more tips on being a homeowner? Consider the differences between life insurance and mortgage insurance here.
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