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Tips for Couples Dealing with Rising Prices and Mortgage Rates

Buying a house is a dream for many young couples. However, with the constant rise in real estate prices and mortgage rates, it may seem challenging to turn this dream into reality. Yet, with a bit of discipline, planning, and savvy tips, it is entirely achievable. Here are some pieces of advice to help you save effectively.

Set up a strict budget

Start by detailing your monthly income and expenses. Once you have a clear view of your financial situation, establish a budget by setting limits for each expense category.

Start saving from the beginning

Even if you can only set aside a small amount each month, the key is to start early and stay consistent. Over time, these small amounts add up.

Cut down on unnecessary expenses

Limit restaurant outings, impulsive purchases, and expensive leisure activities. Always ask yourself: ‘Is this truly necessary?’ before spending.

Automate your savings

Set up an automatic transfer from your checking account to a dedicated savings account each month. This way, you won’t be tempted to spend that money.

Seek out additional sources of income

If possible, consider working part-time, selling unused items, or utilizing your skills to earn extra money.

Renegotiate your contracts

Consider reviewing your insurance, phone, or internet contracts. Sometimes, a simple renegotiation or switching providers can save you hundreds of euros per year.

Build an emergency fund

It may sound contradictory, but having an emergency fund will prevent you from borrowing in case of unexpected events, which could jeopardize your long-term savings.

Build an emergency fund

It may sound contradictory, but having an emergency fund will prevent you from borrowing in case of unexpected events, which could jeopardize your long-term savings.

Invest wisely

If you have a sum of money set aside, consider investing in safe options that offer a reasonable return. Consult a financial advisor to find the best options for you.

Avoid high-interest debt

If you have consumer loans or credit card debt, pay them off as soon as possible. The interest on these debts can quickly erode your savings.

Stay informed and be patient

Keep track of the real estate market and mortgage rates. Sometimes, waiting for a price drop or a better rate can be advantageous.

Love Money

If one of your parents or a family member is able to provide you with financial assistance, it can be a significant asset for buying your first home. This type of support, often referred to as ‘Love Money’, is a family donation or loan that can help supplement your down payment, reduce the size of your mortgage, or even negotiate better terms with the bank.

A few points to consider if you opt for “Love Money”

Put everything in writing: Even if it’s family assistance, it’s essential to establish a contract or promissory note to avoid any misunderstandings or potential conflicts later on.

Discuss expectations: Ensure that all parties involved understand the terms of the financial assistance. Is it a gift, an interest-free loan, or a loan with interest? When will it be repaid? Clarifications from the outset are crucial.

Choosing a Real Estate Broker

Once you feel financially prepared and have decided to enter the real estate market, it is essential and prudent to work with a local real estate broker who is well-acquainted with the neighborhoods of your interest. This professional will guide you through the buying process, help you find the best properties available based on your needs, and assist you in negotiations with sellers. Your real estate broker can make a significant difference in your buying experience and ensure you get the best deal possible.

With these strategies and a proactive approach, a young couple can overcome financial challenges and come closer to realizing their dream of buying a home. Good luck!

Why choose a local real estate broker?

Your local real estate broker knows the advantages and well-kept secrets of different areas. They can advise you based on the advantages or disadvantages of your area.

Your local real estate broker is familiar with the values of different neighborhoods. In addition to their expertise in the sector, they have powerful tools to evaluate all types of properties.

Your local real estate broker is accustomed to negotiating with buyers and sellers with opposing motivations. Without their guidance, these differences in interests could lead to friction that hampers negotiations.

Your local real estate broker works closely with a multitude of stakeholders; surveyors, inspectors, notaries, lenders, municipalities, repairmen… They have an essential network of local contacts to successfully complete a transaction.