5 Tips to Buying a Home in 2025

Buying a home is a big deal—and it can feel overwhelming if you’re just starting out. But don’t worry! With a little planning and the right guidance, you’ll be handing over the keys to your new place in no time.

Here are 5 practical tips to help you get ready to buy a home in 2025.

1. Know Your Down Payment

Let’s talk down payments:

• For homes up to $500,000, you’ll need at least 5% down.
• If the price is between $500,000 and $1.5M, you’ll need 5% on the first $500K and 10% on anything above that.

Sound like a lot? Don’t stress—there are programs to help! The First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan let you save tax-free for your down payment.

Pro tip: Even if you’re not planning to buy next year, open one of these accounts now. It’s like future-proofing your dream home.

2. Tidy Up Your Finances

Your financial health matters when it comes to getting a mortgage. Here’s what to focus on:

• Paying off high-interest debts.
• Avoiding big purchases (no new cars or fancy furniture just yet!).
• Creating a monthly savings plan you can stick to.

It’s all about creating a strong, clear picture of your finances.

3. Check Your Credit Score

Your credit score plays a major role in qualifying for a mortgage. Obtain your report from some free sources such as Equifax or Borrowell, and carefully review it for errors. If you spot anything that looks off or isn’t yours, address it immediately.

Need help? Reach out! I can guide you through the process.

4. Get Pre-Approved

Before you start browsing listings, talk to a lender or mortgage agent (hint: go with an agent—you’ll get access to more lenders and way better service!).

A pre-approval:

• Tells you how much you can afford.
• Makes you look serious to sellers.

Think of it as your ticket to the real estate game.

5. Budget for All the Costs

There’s more to buying a home than just the purchase price and down payment. You’ll need to plan for:

• Lawyer fees.
• Closing costs.
• Moving expenses.
• Appraisals and home inspections.

If you’re a first-time buyer, check for rebates and credits that could help offset some of these costs. Knowing all the numbers upfront will help you plan and save you from surprises later.

Let’s Make 2025 Your Year!

Buying a home is one of life’s biggest milestones, and having a clear plan can make it a smooth and rewarding experience. If you’re preparing to take the leap in 2025—or even further down the road—let’s connect. I’m here to help you navigate the process with confidence.

What’s your top priority as you prepare for homeownership? Let me know in the comments!