Planning to buy your first home? Here are five things you should bear in mind. 1. Experts say you should not commit to monthly payments greater than 28% of your gross income. 2. Find a real estate agent who is familiar with your area. Interview at least two before choosing one. 3. Be prepared to compromise when choosing your new home: you won’t find perfection. 4. Ask your estate agent about adding contingencies to your contract, to allow you to back out of any deal that goes wrong. 5. Enquire about any tax credits that may be available to you.

Key Takeaways:

• Experts recommend that your house payments (mortgage, maintenance, taxes) should not exceed 28% of your gross monthly income.
• You will want to have a trusted real estate agent by your side to explain the ins and outs of the process and help you make the best decisions at every step.
• Understand that real estate is about compromise. As a general rule, most buyers prioritize three main things: price, size, and location. But realistically, you can expect to achieve only two of those three things.

“Finding a home is a lot like dating: “perfect” can be the enemy of “good.””

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