This is a question with many different answers. I am asked this question and I feel it really depends on your situation and outlook.
It’s funny I haven’t blogged about this before. My website http://RightHouseRightTime.com is sort of an off-shoot of this idea.
My personal story of first home-ownership begins when I was in the Canadian Forces back in the early 90s. My wife and I were living in a PMQ (Rented Private Married Quarters) on the base in Calgary. One of the Sergeants was retiring after about 24 years service and he stopped me in the hallway.
He said “Ben, Buy a house!”. I said “Why"?” He said ”I’m retiring out of the military and I’ve lived in rented military housing all my career. Now I have to buy my first house and I realize I should have done this many years ago”.
Well, didn’t that get me thinking. My wife and I started saving for a down-payment. Within a year we bought a little 2-storey home. We were posted to different locations after that, but we were on our way.
My story is not much different from many others and it just shows you that one little event can change your attitude. Whatever the reason, when you do decide that you want to buy your first home or condo, do some serious planning.
I suggest that you:
1. Talk to Mortgage Broker or Mortgage Specialist (at a bank etc…) to find out what you need to get pre-approved for a mortgage and how much to save for a down payment plus closing costs.
2. Talk to a REALTOR® to find out what is available in your price-range that fits your wants and needs. Then, use that Real Estate Agent’s skills and knowledge to help you get into your first home.
Please feel free to call or email me with any questions or to provide you with friendly service.
Ben Officer, CD REALTOR®
RE/MAX Real Estate (Edmonton)
Email