Buying Your First Home

Source: CMHC


Home ownership is the cornerstone of the North American Dream. Almost everyone or each family wanted to own their dream home they call their own. But before you start looking, there are a number of things you need to consider.


First, you should determine what your needs are and whether owning your own home will meet those needs. Want to picture yourself mowing the lawn on Saturday, or leaving your urban condo for the beach? The best advice is to look at buying a home as a lifestyle investment, and only secondly as financial investment.

Even if housing prices don’t continue to increase at the torrid pace seen in recent years in many areas, buying a home can be a good financial investment. Making mortgage payments forces you to save, and after 15 to 30 years you will own a substantial asset that can be converted into cash to help fund retirement or a child’s education. There are also tax benefits.

Like many other investments, however, real estate prices can fluctuate considerably. If you aren’t ready to settle down in one spot for few years, you probably should defer buying a home until you are. If you are ready to take the plunge, you’ll need to determine how much you can spend and where you want to live.

Finding the right first home starts with a price range and a short list of desirable neighbourhoods. But there are many other factors you’ll need to consider before investing in what may be your biggest asset.

Before you start:

·         Grab your current household budget so you can consider your financial situation and your ability to make mortgage payments.

·         Ask family and friends if they can recommend experts, like notary/lawyer, real estate broker and an inspector, who can help in the buying process.

·         Think about your lifestyle and how it might affect your choice of home and neighbourhood.

·         Do little research on current home prices in the neighbourhoods you plan to live.

·         Learn the easy way to start.  Read our previous blog/newsletter: ROAD MAP TO HOMEBUYING.

CortezGroup – are real estate experts that provide FREE orientation seminar for first time homebuyers. If you would like to learn more and want to receive additional information on how you can benefit from our real estate services. Please contact or visit us on our website below.