It is important to purchase house, townhouse or condo that is comfortably within your financial means. There are some good general guidelines to ensure that you can sustainably own a home over the long-term. Owning a home is a worthwhile goal, but not at the expense of your overall financial well-being.
Purchasing a home in Metro Vancouver and the Fraser Valley housing markets is a very expensive proposition. Many properties are routinely priced over a million dollars. For new first-time homebuyers in particular, the stakes can be very high with respect to one's financial well-being. That is why it is important to carefully review and consider your overall financial picture, before beginning out on your homebuying journey.
It is important to have financial discipline when buying a house, townhouse or condo in Metro Vancouver and the Fraser Valley. The costs of over reaching to buy a home can be very damaging if little to no financial buffer is provided for. Having some financial flexibility, after homeownership acquisition and carrying costs are calculated, will allow you to be a lot less stressed about your financial situation, over the long-term. This is important to your overall health and well-being as money is often a leading cause of stress.
Below, I've created an infographic to help you consider important budgeting aspects of purchasing and owning a home. It is important to take an honest assessment of your level of earnings (income) and typical routine expenses. I've also included a mortgage calculator on this page to help you get some idea of possible mortgage payment amounts.
When you are ready, connect with a mortgage professional to get a more detailed assessment of your financing qualification amounts. This will help establish a budget around the purchase price of a home.
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