Here is important First-Time Homebuyers information you can use for yourself, or share with others that you know are starting the process of buying their first home.
There are definitely steps you need to take when buying your first home, however, let’s start today with determining your housing needs.
The obvious starting point is: location, location, location! Do you know what neighbourhood you would like to live in, even which city? Also, proximity to schools, amenities and transportation are very important factors to consider. If resale is important to you, the best predictor of future value is past/current price trends of similar homes in the neighbourhood.
What lifestyle are you gearing towards in 5 to 10 years from now, or currently living in? Do you need a house or a condo?
What can you afford? Do you have a down-payment? These are important factors to know even before you start looking for your first home.
These are just some of the points that you will need to go over when considering buying your first home, you can read a detailed list by downloading THIS booklet on First-Time Homebuyers Information.
Renting vs. Buying: Financial Considerations for Canadians
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