So you’re renting right now … and wondering how or when to go from renting to home ownership….

Here are some questions I’m frequently asked on the subject:

Q: When going from renting to purchasing a home, what are  some of the main things to consider in the process?

A: You want to be clear and aware on how much you can truly afford and not just what you are able to qualify for. Lifestyles can have a large impact on the reality of what is and is not possible. You will want to be aware of what area you wish to be in, whether it’s close to schools, work places, highway accesses etc… A REALTOR® can help you in all of these aspects, and it is especially important you find a REALTOR® you trust and can see yourself working with, because you will spend a lot of time with them searching for your dream home. No two people are alike and same goes for REALTORS®. If you want to learn more about me (Kim Bailey-Brown) have a look at what it’s like working with me.

Q: How much can I afford?

A: This is when I will send you to a highly regarded and trusted mortgage specialist for a approval & to get the amount you qualify for. Again it is important to consider this number and compare it to what you can truly afford.

Q: What costs are there outside the loan?

A: Apart from a loan you will need to be aware of closing costs. These would include your land transfer tax, lawyer’s fee & your down payment that is required. You are never alone in this process and I would also budget for movers to ensure you are not met with unwanted surprise expenses. If your going from renting to owning your own home and never had to pay heat and/or hydro you may also have a refundable start up fee to consider. After you have proven that your bills are paid, you would then get a credit.

Q: How do I know if the home is right?

A: I always say it will take 1 or 50 homes to look at. To know if the home is right, I guide you with the price, what I can see with my naked eye that may be a concern with a home inspection, and research within the market. But… truthfully…. literally you will feel your gut and intuition screaming at you when it is the right home. I don’t want you to settle for just a house you like…. I want you to settle for a home and love it.


Q: How do I know I am ready to be a homeowner?

A: When saving for a down payment is a priority & you make sacrifices to do so, that tells me your ready.

Q: What advice do you have?

A: Start small, an income generating duplex or triplex is an excellent starter for the young generation just starting out. That way you will live affordably and relatively comfortably while the other tenant is paying your mortgage. Then when you have outgrown your first income property, keep it, rent it out & buy a bigger home with the equity you built up from the first property. Don’t over mortgage yourself, just because the bank says you can afford $350, doesn’t mean you have to spend that!

I am always here to help and guide you along your real estate journey.

My Priorities Are Simple… They’re Yours!

Contact Kim Bailey-Brown today for a free consultation!


Kim Bailey-Brown – D: 519-865-0078
Real Estate Sales Representative
Re/Max Twin City Real Estate
515 Park Road North, Brantford, ON.

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