Home ownership, a desirable goal but with little education around it. A few things to consider when purchasing a home are your budget, savings and maintenance cost.

This may sound obvious but saving is the number one thing you should do before purchasing a home. The social pressure of home ownership is real, but saving the 20% for your down payment is your best bet. Second, build up that emergency fund BEFORE buying. Putting aside 6 months of your mortgage fees may sound silly, but it acts as a great buffer if something unexpected were to happen. Never wipe out your entire savings for your downpayment - make sure your savings plan includes saving for the downpayment plus the emergency fund.

Bigger isn’t always better. Today we want the best of everything - often times at the expense of impressing people who really don’t care. Playing this same game with a house is no fun. If it isn’t in the budget, don’t do it. And don’t just factor in the mortgage costs when determining your budget. Maintenance cost can be excessive depending on the type and size of your home. Make sure you factor these in as well as the property taxes, insurance, etc.

Take the necessary time required to fully plan the purchase of buying the home. Run the numbers and don’t feel pressured.