Iwona Ward of Royal LePage Real Estate Services in Toronto knows that no one wants to have to give up the things they love to own a home; however, homebuyers often spend beyond their means and have to start making budget cuts.
It's possible to keep doing the things you love — whether that's travelling, going to fine restaurants or browsing art galleries — while paying a mortgage. The key is to assess how much home you really need, and then shop within that range.
Your bank may approve you for a $700,000 property, but that doesn't mean you have to buy Toronto real estate worth that much. There are more modest properties, such as condos, to be had, if you let Iwona find what's right for you. If you buy a $500,000 home instead, for example, you won't stress your other financial obligations as much and will prevent becoming "house poor," as the saying goes.
Remember that home ownership means you build more equity with each mortgage payment — equity that can be used in the future towards another property. So, you don't have to aim for the stars on your first purchase. Start smaller while still enjoying the finer things in life, and your dream home will come to you in time.
You could also save some cash by putting down less than the usual 20 per cent on the home purchase, but keep in mind you'll have to qualify for a high-ratio mortgage. This will let you leave more money in the bank for the things you enjoy in life.
To find out more about how Iwona can help you join her list of happy homebuyers, call her at 416-762-8255. You can also like her Realtor page on Facebook for updates. Iwona's office is located at 2320 Bloor Street West.