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Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.
- Am I financially stable?
- Do I have the financial management skills and discipline to handle this large a purchase?
- Am I ready and able to take responsibility for all the costs that come with being a homeowner?
- Can I devote the time to regular home maintenance?
- Am I new to Canada? There are several extra homebuying resources for newcomers to Canada.
Also consider the many pros and cons of owning versus renting a home.
| Pros | Cons |
|---|---|
| Freedom to renovate | Ongoing costs including property taxes and insurance |
| Ability to build equity in a safe and secure investment | Increased monthly payments if interest rates go up |
| Potential for rental income | Possibility of unexpected and costly repairs |
| Pros | Cons |
|---|---|
| Less maintenance and repair costs | Monthly payments may increase year after year |
| Lower monthly upfront costs | The risk your lease won’t be renewed |
| Shorter-term commitment | Paying someone else’s mortgage |
If you’re still unsure about buying a home, check out the renting guide.
ARE YOU READY TO START THE BUYING PROCESS?
Download the PDF guide and workbook for complete information and customized calculators. Save your workbook regularly to track your budget, calculations and notes.
