Many renters don’t think they can afford to purchase a home, when in fact, the month mortgage costs will be no more than they are paying in rent.
I always encourage someone who is thinking of making a purchase in a few years to go and consult with a mortgage broker. A broker can go over all their costs and options. People are quite often pleasantly surprised that they can afford to buy.
Waiting usually means that the cost of a home will increase substantially in a few years. Usually more than a person can save in the same time period. If you wait too long, you may never be able to afford a home.
First time buyers quite often look at reports stating the median price of a home. This is misleading as there are homes available for sale at a lower or higher price.
It is always best to contact a mortgage broker to find out what you can afford and then contact a real estate salesperson to find out what is in your price range.
You may have to purchase a condo or townhouse to start with, but getting into the market is an investment.