Big purchases

The average home price in Canada is almost half a million dollars.

Safe to say, a home is probably the biggest purchase you’ll ever make.

When looking for a house, there are a few things to consider:

• decide whether to rent or own
• calculate home ownership costs
• plan to afford home ownership
• look at the hidden costs of home ownership

A financial advisor can create a financial model that will outline all the costs you will face, including the cost of carrying a mortgage five years from now, not just in the next six months.

Renovating a home can also be expensive. Learn how to stay on budget during a renovation.

You should look at how this big new expense will affect your retirement savings.

Buying a home can be daunting. But you can do it. Make it easier by planning ahead.