(NC) Today's homebuyer doesn't always look like the traditional nuclear family of the past. A recent survey for TD found that a quarter of Canadians who recently bought a home, or who are planning to buy one in the next two years, are doing so on their own, while 40 per cent think buying property with friends or family is a great way to get started.
Whether buying a home alone, or together with friends or family, the guiding principles remain the same. Michelle Snow, associate vice president for retail products at TD, offers some tips to help people navigate the home-buying process:
• Don't rush. Make an informed decision based on a realistic assessment of the budget, the down payment you can afford, and the type of property you want to buy.
• Set a realistic budget, taking into account all the costs associated with owning a home, like property taxes, insurance, utility bills and maintenance.
• Once your budget is set, test-drive the difference between rent and the monthly mortgage payment by making an automatic transfer of that amount into a TFSA or other savings account. This will help determine how comfortable you are with that commitment before locking in – and you'll be able to save for a bigger down payment at the same time.
• Talk to a mortgage specialist who can help you navigate the questions related to budgets, lending products and specific financing considerations related to solo and shared ownership.
More information is available at www.tdcanadatrust.com/homeownership.
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