First Time Home Buyer

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Thinking of buying a house?? ME TOO! Since Lindsey and I are pondering our future home, one that will be our first house (that we own) I figured I’d go find some home buyer tip sites.

Heres a quick one with some good tips:

http://www.hgtv.ca/articles/articledetails.aspx?ContentId=666&cat=3&by=1

Interesting tip from this website:

http://www.milliondollarjourney.com/first-time-home-buyer-qualifying.htm

Another rule of thumb that I like to use is that you should try to keep your mortgage under 2 x annual income. Live in an expensive city? Then consider saving for a bigger down payment.

As much as I would like to spend lots of money (ya, I like spending money 🙂 ), getting a house for as cheap as can be that satisfies at least your minimum requirements makes tons of financial sense. Especially when you’re starting out. then in 10 or 15 years when you’re really on your way and maybe some old debts are paid off, you can go looking for something more like the home you dreamed of.

One great thing about buying now (after the big stock market crash and recession) is that houses are cheaper. Sure lending is tighter but not much different in Canada because it was already well managed here. You can get a real decent house for 100k these days. Ok, maybe not in Ontario. That leads me to the next point.

When buying a home, be smart about the location. You want a big house with lots of land? Be creative about where you’re willing to live. Live out in the boonies and you’ll get your dream home and lots of land. Live in the city, and maybe you’ll be able to get a duplex or condo for 200k. I like the outdoors, fresh air, living away from people. Also, if you move to just about any other province than Ontario, you’ll get great deals. Now that we’re in PEI (and of all the maritimes, PEI is one of the more expensive places just because of its location as a vacationers haven), houses, and property are cheaper. When compared to Ontario of course so thats great for us. True taxes are higher, we’ll see how that pans out come tax time next year.

Thats my great wisdom. Ya, I know nothing about buying a house, but I figure looking for places that others don’t want is a good way to get more for your money. If you don’t mind being a bit of a handy man, and living out side of town, the boonies are great places to be!

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