To buy or not to buy.  There are so many factors that go into purchasing a home but if you’re currently a renter who is contemplating getting into the market here are some factors to think about on whether to make that move into home-ownership.  Remember it doesn’t have to be your forever home just an opportunity to be part of the Lower Mainland real estate market.  And let’s face it, if I knew what I know now….I probably would have done everything I could have 20 years ago to save & scrimp so I could have set myself up with my first condo back then and subsequently used that equity to keep moving up.  Hindsight is 20/20.   Still grateful though for purchasing our condo back in 2010 because since that time our investment has doubled and we’re fortunate to live in the heart of Vancouver where we can walk to school, work and the shops.

Here’s a few easy questions to ask yourself:

1. Have you saved enough for at least a 5%-6.5% down payment & closing costs towards your first home? This can be in cash savings, RRSPs, TFSAs, Employee Stock options or even a gifted deposit from the Bank of Mom & Dad.   Download my Mortgage Toolbox app to figure out what those costs might be.
2. Do you have a stable, regular income source whether you’re salaried or self-employed?  Lenders will review your income average over the last two years and whether you are in a full-time permanent role or earnings as a self-employed have been regular.
3. Do you have a credit history?  It may seem counterintuitive but make sure to have at least one credit card and use it regularly and pay it off every month. Having another bill such as a phone or internet bill also helps establish credit.
4. Do you have a healthy credit score?  Check your credit score by getting in touch with Equifax or Transunion by phone or mail every once in a while.  It’s a good idea to check it to ensure it’s up-to-date and accurate.  You can also use a service like Credit Karma.
5. Have you got a handle on your consumer debt? This goes hand in hand with the above.  Do you have lines of credit, balances on your credit card or other sources of debt such as student loans.
6. Do you know how much you can afford? A 30-minute Discovery call with The Mortgage Maven aka me can help answer this one.
7. Are you familiar with the real estate market in your preferred neighbourhood? Once you’ve figured out what you can afford, you can then work with a Real Estate Professional to help find your first home to get your foot into the real estate market.  I’m happy to refer you to one of my trusted partners.

Vancouver will continue to be a top best city to live in the world so if you’ve answered yes to the first five questions then let’s book a time together to see what you can afford.  I think you’ll be surprised.