If you are interested in finding your first home, the worst thing you can do is just start looking around. Why? Because you might be setting yourself up for a big disappointment. If you start looking without knowing what your actual budget is, you will have no idea what sort of home, or which areas you should be looking at.
So, the first step in looking for a new home should be to sit down with your bills and your pay stubs and figure out your financial plans. Look at how much you pay for rent currently – can you afford more? Don’t forget that owning a home costs much more than renting, so include those extra costs into your considerations.
Once you know what you can afford, talk to a mortgage broker. They will be able to set you some limits based on what you can be pre-approved for. This will tell you what sort of price range you should be looking in for your new home.
Once you have these steps in place you can start your search in earnest, knowing that the properties you are viewing are realistic for your lifestyle, and the money you bring in. Otherwise, it’s just window shopping.
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