We'll See Smiles On Your Faces When You Cover Your Budgeting Bases - Make Your First Move Smooth!

If you are a first time home buyer then GDS (Gross Debt Service) or a TDS (Total Debt Service) are two things you should know about. GDS measures the percentage of your debt that is taken up by your mortgage while TDS measures your total debt. 

4701 Baldwins Road, Montague - a great choice for a first time home buying couple in Montague

When your are looking for a home for the first time you need to make sure that you go with what you feel you can afford, keeping in mind that these figures are based on your gross income, not what you actually bring home, (your net income). If you have a partner or spouse and both incomes are involved with full time jobs, my advice to be conservative in agreeing what you can afford and what you should spend. I encourage first time home buyers to plan ahead financially as a protective measure with their best interests at heart. 

Keep in mind that life happens.

1. A new baby! If it is your first child keep in mind that daycare can run 500.00 to 600.00 dollars a month, per child in PEI. Keep this in mind if a family is in the planning.  

2. Income Reduction: Sometimes it happens at no fault of your own. Can you still afford your mortgage, if only one of you is working? It can take a while for unemployment insurance to kick in. I suggest looking at spending less than what the bank suggests you can afford and being patient and compromise on a few things. 

3. HealthAlthough most first time home buyers are usually healthy in their younger years, illness can happen. Insurance can be purchased on your mortgage ahead of time, but it can also take time for payments to kick in. 

Those are just a few tips to help keep you on the right path when buying a first home! If you have any questions please feel free to view my website for all listings available www.brigittedeacon.com or brigitte.deacon@century21.ca for more tips on first time home buying in order to make it a positive experience. 


Brigitte Deacon

Century 21 Colonial Realty






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