Hamilton is home to sights like the Royal Botanical Garden and one of Canada’s top universities: McMaster University. The allure of the city’s beauty and opportunity make it a desirable area to settle.
History agreed with this statement. Hamilton boasts a proud settlement history that includes Native American tribes such as Iroquois and English Loyalists from Colonial America after the Revolutionary War.
Located on the south shore of Lake Ontario, Hamilton is surprisingly beautiful, with plenty of natural recreation opportunities, including swimming among waterfalls and hiking along the Bruce Trail.
Whether you are looking to rent or purchase a new home in Hamilton, Duliban Insurance Brokers provide services to help.
Real Estate Market
The real estate market is an essential factor to consider when relocating. Studying the housing market of the desired location helps determine if you will be looking at purchasing a property at its peak of value or if the home’s value will increase. In a nutshell, will this be a valuable asset to your finances?
These values will fluctuate and can be monitored to help plan the right time for relocation. Hamilton’s real estate market is currently thriving, with houses staying on the market for 11 days, on average, showing the ongoing demand for Hamilton real estate.
Hamilton is projected to continue value increase. The interest rates continue to be low, and the demand exceeds the available houses for sale. As long as these trends continue, the housing market and home values in Hamilton are projected to continue to increase in value.
First Time Buyers
If you are a first-time home buyer and searching for a location in Hamilton, you may find the competition is a little steep due to its desirable location. So how do you position yourself to be the strongest buyer in a competitive market?
1. Save for Your Down Payment
Buyers typically spend between 5% and 20% of the purchase price as a down payment. Another reason to save for that down payment is the Canadian Mortgage Housing Corporation (CMHC) mortgage default insurance. This insurance is designed to protect a lender from a defaulted mortgage loan. This can be an expensive monthly bill for a home buyer but can be avoided if the borrower can put down 25% or more.
2. Save for Costs
The legal and administrative fees are sometimes a hidden expense for a first-time home buyer. These costs can range from 1.5% to 4% of the purchase price of the home. Saving for these costs will ensure that you are not scrambling at closing to find extra money last minute.
Closing costs include values for a home inspection, title insurance, land transfer tax, and real estate lawyer fees, to name a few examples.
3. Know Your Credit Score
While you are saving for your new home, pay attention to your credit score. This score can rage between 300 and 900. The higher the score, the more alluring you are as a borrower. If your score is low, take steps to correct your score by paying off debts and clearing up any errors on your credit report.
Why Move to Hamilton?
Hamilton has something for everyone. The natural allure of the conservation areas throughout the area allow for a nature lover’s dream, while the city’s entertainment options will keep the average urbanite satisfied.
Hamilton’s location on Lake Ontario provides beach access year-round. Locals frequent the beach regardless of the temperatures outside. During the summer, the beach also hosts one of the largest water parks in the area.
Hamilton is also located in the middle of the world’s largest escarpments. The Niagara Escarpment runs from New York, through the Niagara region, all the way up to Tobermory. This escarpment is a vertical wall of limestone, sandstone, and shale, that the locals refer to as “The Mountain.”
Hiking trails also wind around Hamilton thanks to the Bruce Trail Conservancy. These hiking trails offer breathtaking views of the many waterfalls in Hamilton, Niagara Escarpment, and other wetlands and natural wonders.
Waterfall Capital Capital of the World
Niagara Falls might be the most visited waterfall, but Hamilton’s geographic location a long the escarpment boasts over 100 waterfalls. Some of the more popular waterfalls include Albion Falls, Tew’s Falls, Webster’s Falls, Felker’s Falls, Devil’s Punchbowl, and Tiffany Falls.
The Cultural Arts
Hamilton hosts monthly art crawls on the second Friday of every month along James Street North. The Art Gallery of Hamilton has one of Canada’s best university art collections. The McMaster Museum of Art is also located in Hamilton.
Hamilton also has diverse restaurant options, as well as local breweries and wineries. The city also offers a local farmer’s market.
Navigating the City
One of the things that lures people to Hamilton is its accessibility. Anyone has the opportunity to explore Hamilton.
If you are a vehicle owner, there are many roadways and highways that will get you to your location fast. If you are a cyclist, Hamilton offers bike lanes on roadways or cycling paths in wooded areas.
Hamilton also has a public transit system knows as the Hamilton Street Railway, or HSR. The HSR has routes that connect East Hamilton, Stoney Creek, Grimsby, St. Catharines, and Niagara Falls.
What to Do After you Move
Moving is exciting. After you have found your location, your home, and planned your move, you find you are not quite done.
Duliban Insurance Brokers knows that there are still more steps involved in your move. From changing your auto insurance to finding new homeowner’s insurance, Duliban’s team of experts is on hand to find the right insurance solutions for you and your new home.
Please contact one of our experts today to discuss the right plans for you. We can be reached at 855-835-4226, or feel free to email us at [email protected]