As a millennial, chances are you've probably thought (or dreamed) about buying your first home.
However, with high prices and demand, figuring out exactly where the heck to start as a first-time home buyer in Ontario can be daunting.
Narcity spoke with Toronto Regional Real Estate Board President Lisa Patel, who revealed her tips on what to do if you're thinking of entering the market.
How should you be saving when looking to buy your first home?
When it comes to saving up, you should constantly be putting away money, Patel tells Narcity.
In fact, 10% of every paycheque should be going towards your downpayment savings.
On top of that, Patel also states that investing your money can be helpful in the long run.
"Investing it either in high-interest saving accounts, stocks, GIC, just so that it can gain some return," she states.
"Those are still really good ways for taking your money and accumulating a little bit more wealth to it in that process."
How can buyers get the most for their money?
When trying to get the most for your money, you should always be looking at "maximizing the value of the home."
One tip is looking at making extra income through renting.
"Can I become a landlord and have an income stream property?" is a question that Patel states home buyers should be asking themselves.
"Even if we look at the condo market as an example. Let's just say they start off by living in the property, they might think down the road, I could rent this out."
Patel also states that even if homebuyers change their minds and eventually choose to move back home or in with a partner, they could also consider renting their property out.
So even if you aren't planning on renting right away, buyers should be looking at what potential revenue you could be making through tenants.
What are some of the first steps you should take when looking to buy a home?
Patel reminds buyers that looking for a home can be overwhelming and having a wish list can be really helpful.
"First steps for anybody considering getting into the market place, start with looking at what does that look like and feel like for you?"
After that, it's important to do your homework before just jumping into the buying process.
"Look into what is part of the pre-approval process and speak to a real estate agent that can actually assess where you are and how you can go about making the dream of homeownership possible."
Patel also says keeping your budget in mind is important.
"If you were to look at a fixer-upper, how much money would you need for that just in case fund, renovations and all of those things."
"Even a condo, over time you are still going to do different things to it. Whether that be painting, flooring or furniture."