Buyers

Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care or prefer to go cycling on weekends? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighbourhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.

This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In some areas, it can buy a very comfortable residence and/or ample acreage. In highly sought-after urban areas, however, it may not even buy a 400 square foot condo.

It can be discouraging to find that your salary won't get you every single thing you want in a home. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.

Making the decision to buy can be exciting but owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.