Despite soaring house prices, reports of crushing student debt and, it seems, more 20- and 30-somethings than ever living in their parents’ basements,
to read the full article, please click here - by Patrick Langston, Ottawa Citizen
Tips for first-timers
- Spend time thinking about what you want and need in a home. Canada Mortgage and Housing Corporation has a comprehensive guideline including a useful home features checklist, at cmhc-schl.gc.ca/en/co/buho/hostst/hostst_003.cfm
- Keep your credit record clean; it makes mortgage approval more likely
- Get pre-qualified for a mortgage before starting to look seriously. It provides a realistic perspective on what you can afford.
- Be conservative when calculating what you can afford for house payments: You’ll need wriggle room if and when children come along.
- Don’t forget to factor closing costs such as home inspection fees and land transfer taxes into your calculations. Speak to your banker and/or real estate agent about this.
- Keep emotion at bay when house shopping. The home you decide on has to “speak” to you, but your decision has to be a logical one.
- Practise making your estimated monthly house payments (mortgage, insurance, utilities) by putting that amount into a savings account every month before you actually buy. It will get you used to the possible change in your disposable income, and you can use the savings when you do buy for closing costs or new furniture.