I am a first time buyer and how do I know if I am ready to buy a Home?
You can buy a home if you:
Have a steady income now and in the past 2-3 years.
Have a good record of paying bills.
Have some money saved for down payment[First time buyers - start saving in RRSP].
Have a steady income now and in the past 2-3 years.
Have a good record of paying bills.
Have some money saved for down payment[First time buyers - start saving in RRSP].
Purchasing a Home vs. Renting
Renting is free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities - like insurance, real estate taxes, and upkeep - which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities - like insurance, real estate taxes, and upkeep - which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
How can I determine my housing needs?
Your home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location, facilities, size, area schools, job, public transit, etc. Make a list of minimum requirements of things that a house must have for you to consider it.
Is an older home better value than a new home?
Each home is unique. Generally, older homes have more established neighborhoods and have lower property tax rates but higher maintenance and repair costs. Newer homes use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.
How many homes should I see?
Visit as many as it takes to find the one you want. On an average, home buyers see 15 houses before choosing one. Just be sure to "communicate often" with your real estate agent about everything you're looking for. It will help avoid wasting your time.