"I am a young tenant and have managed to put aside some money myself or with the help of my parents. I wonder if I have enough savings to buy my own apartment. Some of my friends and work colleagues tell me I can while others are discouraging me. I have my doubts and am not sure which way to go. What can I do?"
First of all, keep in mind that it’s healthy and normal to question; there are plenty of people just like you who before meeting with a real-estate professional believed more or less in their ability to own their own home.
To make an informed decision as a first time buyer you must first ensure that you are in a position to assess your real needs and budget. The task will be easier if someone helping you is already a homeowner and has been through this process before. Don’t worry if you don’t have anyone to help because there are developers who are very accustomed to working with first time buyers. You can judge their expertise and seriousness for yourself by making sure they are able to take the time to explain and provide you with a complete budget estimate that includes all costs and fees involved in purchasing a home, including all programs, grants and exemptions you are eligible for. With this step completed, you are now ready to get your budget estimate validated by a financial institution.
This important step will be able to tell you if and when you can go ahead with this purchase. If you haven’t set aside enough, it will certainly motivate you to save even more so that you can purchase something better targeted to the near future.
If you find yourself in this position, don’t hesitate to contact us. It would be our pleasure to help and clear things up for you, as well as refer a specialist should you need it. You will then be more than ready to make a decision with respect to the purchase of your first home. Any questions?
Looking forward to guiding you through this process.