Step 1: Are You Ready To Buy Your First Home?

Buying Your First Home

Tired of renting? Living in a basement?  Need more space?  The process of buying your first home can be overwhelming.  Here are some steps to consider to turn your dream into reality.

– Review your budget (yes, you need one!)  Do you make enough monthly income to qualify for a mortgage and pay for the mortgage payment, taxes, condo fees (if there are any), utilities and regular maintenance?  You can count on needing at least $1500 a month. Check this website out for great budgeting ideas:

http://www.gailvazoxlade.com/resources/guide_to_building_budget.html

Your First Home
– Start saving for your down payment.  For a $200,000 condo, you can expect to need a minimum of $10,000 down.

– Then save some more!   Establish your priorities.  That might mean putting off things like the new car or expensive vacation for a while.

– Establish good credit.  Pay off debts like your credit card regularly.

– Talk to your bank or a mortgage broker. They can help you find out what you qualify for.  If you don’t qualify yet, they can help you make a plan.

Not Your First Home

– Go online and check what’s available and for what price. Be realistic about your expectations.  House, duplex or condo?  New or old?  Remember, it’s a process, you probably won’t be starting out in your dream house!

With a bit of planning, your first home doesn’t need to look like this!

Not Your First Home

Coming Next

STEP 2:  Borrowing Money

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