It may seem like a simple question, but if you're starting on the path to buying your first home it's important to ask yourself, “Why?”. In our experience, people usually have mixed reasons:
- Pressure from friends or family who already own property;
- As an investment to build equity;
- To get out of the rental market and gain some stability.
You might add market pressure to the advice you're getting from your inner circle, too; is there that voice in the back of your head telling you that you'll miss out if you don't get on the property ladder now?
While advice is great, this is the biggest financial commitment you are going to make in your life. Think of it on the same level as getting married – ultimately, you need to make the decision for yourself and not because others are telling you to do it.
Speaking of Your Spouse...
We are seeing more and more first-time buyers teaming up to own a property. Couples, friends or siblings can often split a duplex or share a house that has a suite. You need to remember that it's about more than living together - although making sure your schedules and habits will compliment each other is definitely important. You'll be moving your existing relationship into a business relationship, and that change can sometimes bring unexpected challenges.
If you're making the purchase with someone else, you'll want to make sure that your ideas, values and priorities are in alignment. You'll be entering into a legal agreement with a co-purchaser, and it's much more challenging (although not impossible) to separate after the ink is dry and you've bought a house together.
Once you know your motivation and goals for buying your first home, you're ready for the next step.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals. If you're ready to start your first home buying experience, contact us today for a free consultation with one of our brokers: call Toll-Free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours. We can also arrange an appointment evenings or weekends to work with you.
