Buying a home is one of the biggest emotional and financial decisions you’ll ever make. But homeownership isn’t for everyone. There are vast differences between renting and owning a home, and each has its pros and cons. So how can you be sure homeownership is right for you?
To help you make the right decision, Canada Mortgage and Housing Corporation (CMHC) offers the following list of questions you should ask yourself before you decide whether or not it’s time to buy:
– Do you have the financial management skills needed to handle all of the financial responsibilities that come with owning a home?
– How financially stable are you? Buying a home means taking on all of the costs that come with homeownership, including mortgage payments, property taxes, and regular repairs and maintenance. Is your financial situation stable enough to take on these added costs?
– Are you ready to spend the time needed to take care of your home? A regular schedule of maintenance and repairs can help you protect your home and your investment. Take an honest look at your lifestyle and decide if you’re prepared to devote the time each month that will be required to maintain your home.
– Do the advantages of owning a home outweigh the advantages of renting? Make a list of the pros and cons of each or use CMHC’s Is Homeownership Right For You free online worksheet. Then, compare the advantages and disadvantages of both options, listen to your heart, and decide for yourself whether or not homeownership is for you!
CMHC’s Homebuying Step by Step: A Consumer Guide and Workbook will lead you through the homebuying process in five simple steps, from the moment you decide to buy a home of your own to the day the movers carry the first box through your new front door.
Source: Canada Mortgage and Housing Corporation (CMHC)
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