GETTING OUT OF YOUR PARENT’S HOME

Buying your first home after living with your parents can seem intimidating, but you’re ready for your independence. Follow these 5 simple steps to make the transition as smooth as possible, and start building equity in a home of your own!

1. Budget

While it might seem straightforward, budgeting for a new home isn’t just about getting a mortgage and saving up for a down payment. That’s the biggest part, of course, but it’s essential to know what it will cost to maintain the home you buy, and have savings leftover for emergencies.

2. Browse

Find out what location you want to live in, what type of home you want to buy, and what style you’re interested in. There are hundreds of options available to you, so take your time and find the perfect property within your price range – don’t just choose the first one you find!

3. Prepare

Transitioning from your parents’ home to your own can be tricky. You may have bedroom furniture, a television, and a desk, but most first-time homebuyers don’t have a full set of furniture at their disposal. Prepare to move by not just packing, but making sure you have everything you need to move into your new home. 

4. Pay

Don’t forget about closing costs! For those who are unfamiliar with buying a home, it might catch you unaware. On your official closing date, purchasers are typically responsible for paying lawyer fees, land transfer tax, the down payment, and a piece of their mortgage. It’s best to be organized! 

5. Move

Make your list, check it twice, and get your friends and family involved! Moving is a stressful process, but once you’ve got all your belongings moved in and set up, it’s worth it! 

Now you’re ready to set off on your own, all in your brand new home!