Purchasing your first home is exciting especially if you prepare properly
Making the jump from renting to owning is a big deal. Not only is owning your home a great investment, it also comes with a sense of personal pride. With housing prices at a premium, it’s important to make sure that you’re not only ready to own, but can afford the costs associated with owning a home.
Spend and save wiselyThe housing market is tough — and getting your foot in the door can feel impossible. You don’t necessarily need to do it alone. Look into both federal and provincial programs that support first-time buyers. You may be able to offset closing costs, some of your down payment, land transfer fees, and more. As a first-time buyer, you may be able to take advantage of the CMHC First-Time Home Buyer Incentive coming later this year as well.
To me, it’s some of the smartest money you can spend on a home. With the right inspector, you can get a good idea of what condition the home is in. Does the roof look like it’s in need of replacing in a few years? What about the windows? These aren’t cheap repairs, and you want to know if you’ll need to set aside money for that in the near future.If you’ve been renting for a while, you’ll know that your mortgage isn’t the only payment you’ll be making every month.
Know where your limits are and spend the money to bring an expert in where needed. If you have to redo your own shoddy work, it will probably cost you more in the long run. Projects that are more cosmetic, like painting, are a good place to test your DIY skills, because if you do slip up, you’ll only have to live with some cosmetic deficiencies. To me, that’s not the end of the world.
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