According to the 2012 TD Canada Trust First Time Home Buyers Report -- when buying their first home, the majority of Canadians would have done some things differently.
The top three lessons learned were:
- Be more thorough when budgeting and accounting for all of the costs of home ownership (60%)
- Make a bigger down payment (60%)
- Buy a home sooner (55%)
In budgeting for their new home, many new homeowners overlooked ongoing costs such as maintenance and utilities, the one time fees such as home inspection and land transfer costs, and other miscellaneous expenses -- like that new lawnmower.
Be careful that you can still afford your new home if your interest rates rise, or if you have an unexpected expense or job layoff. Having a little wiggle room is aways a good idea to avoid a potentially difficult situation down the road.
Many people wish they had bought sooner, but the majority also wished they had made a larger down payment. Saving more may not take as long as you think. Take a careful look at your finances to determine the right time for your family to buy.
For the complete report: http://www.smrmediaroom.ca/TDCTFirstTimeHomeBuyer2012.html