Written by Morteza (Morty) Sadeghi
Pride of ownership has been cited as the number one reason Canadians want to purchase a home. It’s an investment in the future for you and your family and there’s a great sense of stability and security that comes with getting the keys to your first house.
One of the first questions you’ll need to ask before you start getting excited and looking at all the locations and accessories is what mortgage can I afford? Remember, you need to look at the bigger picture when considering your financial resources. Are there things looming in your life that require a larger part of your income? If you plan on starting a business, it’s possible home ownership might need to take a back seat for the time being. The choice in the end is one you need to make individually, but looking at all the different areas that can cost you money in the future can bring a bit of perspective to a home buying timeframe.
First time home buyer tips and questions
Keep in mind, it’s easy to get seduced by all the bells and whistles when you’re looking for a home and wind up buying something more expensive than you really need for your lifestyle. Asking yourself a few questions will help you to decide what suits your finances.
Take a look at the size of the family you plan on having before you decide on the number of bedrooms you’ll need.
Do you love pets? If so, you’ll need to have a decent backyard for them to roam in.
How much work will be needed to make the home ready to move into?
These are just a few examples to get you started in the right direction. Asking yourself what mortgage can I afford as a first time home buyer generally means having a framework to work with.
