Getting Started
The first question is bound to be, "How much home can I afford?"  That depends on a number of factors:
Your selected location. Are you set on a specific area; The Kawarthas? Buckhorn Lake? Pigeon Lake? In Town? A Farm?

Your preferred type of home/cottage. 4 Season? 3 Season? Waterfront? Deeded Access?  There are a variety of home & cottage styles you will want to explore.

Your income. After all, it's not just the mortgage you have to take into account. There are property taxes, road maintenance, gargbage pick up, dock fees etc. As a general rule of thumb, your monthly home-carrying cost should not exceed 30-35% of your income.

Market conditions. Is it a buyers', sellers' or balanced market?

There are also additional costs to keep in mind. It's a good idea to work out exactly what you want and what you can afford before you begin the search. Be specific! After all, you don't want to suddenly come to the realization that your dream house/cottage has come with a nightmare of bills and expenses. Stick to looking at propetries in your price range. The more you've thought it out, the better your sales representative can meet your needs.

A part of deciding just what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. There are many types of mortgages and many different terms. Research all of your options. This ensures that there are no surprises once you're ready to make an offer.

Once you've figured out your monthly expenses and what you can afford, you can start your search. It could happen that the first home/cottage you see is the one you want; or you might look at property after property with none of them catching your interest. Rest assured, the home or cottage you're looking for is out there, and when you find it, you're ready to make an offer. If your offer is accepted, the next steps are closing and moving into your new home.

Purchasing a home or cottage is easy once you put your plans into action.


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