Homeownership isn't for everyone. There are vast differences between renting and owning a home, so how can you be sure homeownership is right for you?
To help you make the right decision, Canada Mortgage and Housing Corporation (CMHC) offers the following list of questions you should ask yourself before you decide whether or not it's time to buy:
. Do you have the financial management skills needed to handle all of the financial responsibilities that come with owning a home?
. Buying a home means taking on extra costs, including mortgage payments, property taxes, and regular repairs and maintenance. Is your financial situation stable enough to take on these added costs?
. Are you ready to spend the time needed to take care of your home? Take an honest look at your lifestyle and decide if you're prepared to devote the time each month that will be required to maintain your home.
. Do the advantages of owning outweigh the advantages of renting? Make a list of the pros and cons of each.
Then, compare the advantages and disadvantages of both options, listen to your heart, and decide for yourself whether or not homeownership is for you.
