BUYING A HOME: IT’S NEVER TOO LATE

Enjoy the pleasure of home ownership at any age.

As we discussed a little while ago, it’s never too early to start saving for a down payment.

Some people start savings accounts for young children, looking forward to eventual property ownership. Others start putting their allowance or part-time paycheques aside as children or teenagers. Likewise, it’s never too late to get into your first mortgage.

Being well past your days of being ID’d at the liquor store doesn’t mean you can’t start thinking of being a homeowner.

One client of ours recently celebrated retirement by downsizing from a rented four-bedroom house. The house had been largely empty for decades as kids moved out of the city. They purchased for the first time, a bachelor pad in Florida. They’re living large as beachfront homeowners in their golden years despite renting all those years!

The first thing to do is figure out your potential. Some people have spotless credit, while others have little black marks they need to clean up. There are those who are in need of a mason jar collection and seven episodes of Gail Vaz-Oxlade (Till Debt Do Us Part and Princess) on endless repeat.

Whichever you are — and trust me, we’ve seen many, many people in all three categories go on to own their own homes and/or rental properties — you need to determine the best route from point A to point B.

Once you have your liabilities and assets determined, look at your goals. Do you want a standalone house? A condo? An acreage with room for livestock or four-wheeling? No matter which of these you desire, speak with a mortgage broker, who will help you organize your thoughts and make a realistic plan.

And who knows? You might be closer to that first property than you think.