Have you been dreaming about a larger, roomier or more luxurious living space? Or perhaps just want to experience the joy of owning your own home and building your net worth instead of renting? Let's explore a few questions that can help to answer whether or not you're ready to become a homeowner.

Can You Realistically Afford to Buy A Home?

Buying a home is a significant financial investment. The first thing to consider is: can you afford it? In most cases you'll need to manage monthly mortgage payments over the course of many years. The good news: owning a home is more affordable than you may believe. If you're currently a renter, who consistently pays their rent on time, then you're most of the way there.

Do You Have Your Down Payment Saved Up?

If you're confident that monthly payments are no problem, then the next step is saving up enough to cover your down payment. This is a lump-sum investment that you make when you buy your home. The rest of the purchase cost is paid by your mortgage lender, who you pay back over time. Typically your down payment is between 5-20 percent of the home's cost, but there are assistance programs available to help buyers such as the HBP (home buyers plan) and borrowing from your RRSP.

Do You Know What Type Of Home You Need?

Once you've cleared all of the financial hurdles, you will next need to decide exactly what kind of home you need. If you're a single young professional, a condo or apartment with on-site amenities, might be the perfect starter home for you. Perhaps you're married with children and pets, so you need extra space; a detached, rural home may be perfect for you.  Creating a list with “must-haves” and “nice to have” would help narrow down your selection.

Are You Ready To Set Down Some Roots?

Finally, it's worth taking some time to decide whether or not you're ready to emotionally and physically invest in your local community. Is your career stable enough that you won't be moving for at least a few years? What about that of your partner or spouse? If you don't already, do you envision having children in the future? All of these are considerations that will help you choose the right neighbourhood.

When you are ready for the next step, I am here to sit down with you and review your goals and help you find the home of your dreams! 

To learn more about buying in our area and to view homes that are perfect for first-time home buyers, contact me today.