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.