You're in your 20's. You've got a stable job. You have some money in the bank. You're financially stable by yourself, or maybe with a partner. And you've just seen another month of rent come out of your chequing account to pay off someone elses mortgage. As you sit there, you start thinking that maybe it's time for you to purchase your first property.
But before you start looking at real estate listings and picturing yourself enjoying the deck on a Friday, there are many aspects of the journey you need to consider.
1. Rent ≠ Mortgage
Unfortunately, it's not as easy as thinking you pay $1,200 rent, so you can afford a $1,200 mortgage. You have to take into account insurance, utilities, water, sewage, property tax and…