Buying a house is a major milestone — financially, emotionally, and legally. At Sooden Law Professional Corporation, we’ve helped countless Ontarians navigate the home-buying process, and one of the most common questions we hear is:
“How do I know when I’m ready to buy a house?”
There’s no one-size-fits-all answer, but here are some important signs that may indicate you’re ready to take the next step into homeownership.
1. You Have a Stable Income and Employment
Consistency is key. If you have a steady income and feel confident in your job security, it may be time to explore buying a home. Lenders look for stable employment when approving mortgages, and it helps ensure you can comfortably manage monthly payments.
2. You’ve Saved Enough for a Down Payment (and Then Some)
A healthy down payment (ideally 20% or more) reduces your mortgage costs and can eliminate the need for CMHC insurance. In addition to your down payment, you’ll also need savings for:
Closing costs
Land transfer tax
Legal fees
Moving expenses and home maintenance
At Sooden Law, we provide a clear breakdown of all legal fees and closing costs up front — no surprises.
3. You’re Ready to Settle in One Place
Buying a home makes the most sense when you’re planning to stay in one area for several years. If you’re ready to build roots in a particular city, town, or neighbourhood, homeownership can offer stability and long-term financial growth.
4. You Understand the Real Costs of Homeownership
Owning a home isn’t just about the mortgage. It includes property taxes, utilities, insurance, maintenance, and potential renovations. If you’ve budgeted for these ongoing costs and still feel financially comfortable, you may be ready to buy.
5. You’re Tired of Renting and Want to Build Equity
Renting has its benefits, but it doesn’t build long-term wealth. If you’re paying high rent and want your monthly payments to contribute toward your own asset, it might be time to invest in a property.
6. You’ve Been Pre-Approved for a Mortgage
Getting pre-approved helps you understand how much you can afford and strengthens your offer in a competitive market. It’s also a good indication that lenders view you as a qualified buyer.
7. You’re Emotionally and Legally Prepared
Buying a home involves important legal steps, including reviewing contracts, performing title searches, and coordinating with lenders and sellers. If you’re prepared to work with a real estate lawyer to protect your interests, you’re in a strong position to proceed.
Let Sooden Law Guide You Home
At Sooden Law Professional Corporation, we’re proud to help homebuyers across Ontario close with confidence. We offer:
Experienced real estate legal services
Flat-rate pricing with no hidden fees
Virtual consultations and document signings
Thinking about buying a home? Let’s talk.
Call us at 437-242-9970
Email: soodenlaw@gmail.com
Visit: soodenlaw.ca
Your dream home deserves the right legal team behind it.