Questions to Ask Yourself Before Buying Your First Home

Buying a home is one of the most important decisions a person can make and comes with a host of key considerations, new responsibilities, and varied expenses. Ask yourself these essential questions as you enter the homebuying process, and if you require assistance with saving for a down payment or building your credit, check out our renowned Rent to Home Solution for a solution that allows you to save for a down payment while you’re living in your home.

Why Do I Want to Own a Home?

The first step of any homebuying process should be to ask yourself why you want to be a homeowner in the first place.

Do you take pride in the idea of homeownership? Do you long to renovate and customize your space? Do you like the idea of investing and building equity? Are you excited about the idea of putting down roots and participating in a community? All of these considerations are reasons why you may want to own your home.

What Are My Long-Term Plans?

Owning a home is a long-term commitment. With renting, leases typically last for one year and with no investment in the property, you can leave with minimal notice if your plans change.

With a mortgage, you’ve made a significant investment, and after the first year, you’ll have built very little equity. If you then decide to sell, you’ll likely lack the funds to cover the costs.

If you have dreams of living somewhere else or aren’t sure where you may be in 3-5 years, homeownership may not be the right fit for you.

Can I Qualify for a Mortgage?

The next step in your homebuying journey is to get pre-approved for a mortgage. Banks and brokers require information such as your income, credit score, and account balances. Applicants with poor credit, no credit, or unstable employment history may have a difficult time qualifying for a mortgage.

If you are struggling to qualify for a traditional mortgage, there is hope! Our Rent to Home Solution allows you to rent your dream home from us for a set term (typically 3 years) to allow you save money and build your credit score. At the end of the term, you’ll have the option to purchase your home from us, fulfilling your dreams of homeownership sooner than you may have otherwise.

Can I Afford to Own a Home?

Homeownership comes with many costs and responsibilities that you may find overwhelming if you aren’t financially prepared.

Consider the cost of your down payment, closing costs, and lawyer fees, as well as regular expenses such as property taxes, home insurance, and mortgage payments. As a homeowner, you’re also responsible for maintenance and repairs, plus any improvements you may want to make.

If you may initially struggle to afford a home, our Rent to Home Solution may help you save money for a down payment and other expenses while you live in your home.

Where Do I Want to Purchase My Home?

Since owning a home is a long-term commitment, where you live is almost as important as the home itself.

Research the neighbourhood your new home is located in and to gauge whether it’s a place you’d enjoy living. How close are amenities like groceries, shopping, etc? How close is it to your workplace, and is the commute manageable? Is there access to public transport, or will you need a vehicle?

Where you want to live also depends on your lifestyle. If you’re a young professional, you may enjoy being closer to downtown, with access to restaurants and nightlife. On the other hand, if you have a young family, you’ll likely value a family-oriented neighbourhood with schools, parks, libraries, and kid-friendly activities.

Discover Your Path to Homeownership with JAAG Properties

If you’re having difficulty qualifying for a traditional mortgage, you aren’t alone. Newcomers to Canada, recently divorced clients, clients with low or no credit, and self-employed clients all regularly struggle to qualify. Our Rent to Home Solution can help you discover a new path to homeownership, helping you save money, build your credit score, and achieve your dreams faster. Contact us today for more information!

Socially Responsible Rent-to-Own Investment Opportunities

Socially responsible investing (SRI) is a type of investment strategy that considers both financial returns and the impact of an investment on society and the environment. Impact investing is a subset of SRI that specifically targets investments in companies or funds that have a positive social or environmental impact.

Investing with Socially Responsible Companies

One popular socially responsible investment option is investing in companies that promote environmental, social, and governance (ESG) principles. This can include companies that prioritize renewable energy, diversity and inclusion, and ethical business practices, like JAAG Properties.

Impact Investing

Another option for socially responsible investors is impact investing. Impact investments are made with the intention of generating measurable social or environmental impact alongside financial returns. Examples of impact investments include investments in renewable energy, affordable housing, and microfinance.

JAAG’s Rent-to-Own Investments

Rent-to-own companies, such as JAAG Properties, are another option for socially responsible investors. Rent-to-own companies provide an alternative to traditional homeownership by allowing renters to live in a home while they work towards owning it. This can be a particularly beneficial option for families or individuals who may not have the financial means to purchase a home outright.

Offering Investment Opportunities Aligned with Your Values

Overall, socially responsible investing offers a way for investors to align their financial goals with their values. By considering the impact of their investments on society and the environment, investors can make a positive difference in the world while also earning a return on their investment.