Home buying step by step – Step 1

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Source: CMHC Canada Mortgage and Housing Corporation

Home buying step by step 

Step 1: Is Home Ownership Right for you? – Home buying step by step

home owner ship right for you

 

So, you’ve finally decided to fulfill a lifelong dream and buy your own home… how exciting! You are ready to fulfill your dream of having a place to call your own.

Buying a home is one of the biggest emotional and financial decisions you’ll ever make. Prepare by learning about the process of home buying and the responsibilities of home ownership. The differences between renting and buying a home are vast, and there’s a long list of pros and cons for both options. And, remember — there is no one best decision for everyone. Before moving forward, though, here are some questions to consider.

  • Do you have the necessary financial management skills?
  • How financially stable are you?
  • Are you ready to take on the responsibility of all the costs involved in home ownership, including mortgage payments, repairs, and maintenance?
  • Are you able to devote the time required for home maintenance?

There are pros and cons for both renting and buying. Everyone must make his or her own best decision. Buying a home is not for everyone. Take a moment to think through the advantages and disadvantages of both owning and renting.

Are the advantages of owning your home really bigger than the advantages of renting? Are the disadvantages of owning your own home really smaller than the disadvantages of renting?

If home ownership is for you, you must be both financially and emotionally ready. Buying a home isn’t only about money. You should listen to your heart… and take an honest look at your lifestyle.

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One thought on “Home buying step by step – Step 1

  • October 16, 2012 at 4:36 pm
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    alterfemego / October 30, 2011 I’m afraid you may be hard perssed to find a loan company today. What I might suggest is you work out a seller’s financing agreement with the parents for a couple of years. A contract for deed is often used and it needs to be recorded. Then work hard the next two years to improve your scores so that you can then go for a mortgage and pay the parents off.

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