Homebuying Step by Step: Your Guide to Buying a Home in Canada
STEP1 Is homeownership right for you?
Buying a home is one of the biggest decisions you’ll ever make. To ensure that you make the best choice, ask yourself a few questions. What do you really want in a home? What is your current financial situation? What are your financial and lifestyle needs?
The real costs of homeownership As a first-time buyer, you might not be aware of all of the costs associated with homeownership.
Upfront costs The initial amount of money you need to buy a home, including the down payment, the closing costs and any applicable taxes.
Ongoing costs The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.
Major repairs Large and expensive repairs and renovations your home will eventually need, such as roof replacement or foundation repair.
If you choose a property that is not hooked up to municipal services such as water and sewer, there may be additional maintenance costs to consider.
Are you ready to own a home? Buying a home isn’t for everyone. Before you make any decisions, consider the following questions.
Are you financially stable?
Do you have the financial management skills and discipline to handle this large of a purchase?
Are you aware of all the costs and responsibilities that come with being a homeowner?
Are you ready to devote the time to regular home maintenance?
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