Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.

Although buying a home almost always seems like a great idea, it is important to understand what homeownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

Here are some things to consider:
• Financial Security. If housing prices rise, your home can provide you with some financial security due to capital appreciation.
• Stability. Having a place of your own.
• Financial Stress. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
• Maintenance. Keeping your home in good shape requires time and money.
• Responsibility. You alone are responsible for payments, repairs and maintenance.
• Flexibility. You can decorate or renovate your home to meet your own family’s personal tastes and needs.

Source CMHC