Home Buying Step by Step - Step One

These articles were posted by the Canada Mortgage and Housing Corporation (CMHC).  They provide research and resources for mortgage and housing related topics and offer advice and tips for consumers.

This is a 5 article series on the process of becoming a home owner.  All articles and media were taken from the CMHC website.

Step 1 - Is home ownership right for you?

So, you’ve finally decided to fulfill a lifelong dream and buy your own home… how exciting! You are ready to fulfill your dream of having a place to call your own.

Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of homebuying and the responsibilities of homeownership. The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options. And, remember — there is no one best decision for everyone. Before moving forward, though, here are some questions to consider.

• Do you have the necessary financial management skills?
• How financially stable are you?
• Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
• Are you able to devote the time required for home maintenance?

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