Your first step to buying a home is to ask yourself why you want to buy a home:
- To stop paying rent?
- To start building equity?
- To have a place of your own?
- To raise a family?
- To entertain business associates?
- To move up to a bigger house?
Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want-to-haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider the area (in or out of town, acreage living), neighbourhood (older and settled or rebuilt), recreational facilities, and other community services such as daycare, library, stores, and entertainment. Ask yourself how many minutes you are willing to commute to work.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size. Do you want a newer home or an older one to fix up? Consider how long you expect to live in this particular home. Someday, you or your heirs will want to sell.
