Step 1: Figure out how much you can afford.

Falling in love with a house you can’t afford can be heartbreaking. Avoid disappointment by figuring out your budget before you start looking.

• First, decide how much you can afford for your down payment. The Home Buyers' Plan (HBP) allows you to withdraw up to $60,000 from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. You must be a first-time home buyer or buying for a disabled person. The withdrawn amount must be repaid within 15 years. More on that here. The bigger your down payment, the less principal you will owe, and the less interest you will pay.

• Don’t forget about closing costs, like insurance, legal fees, home inspection costs, land registration and land transfer fees. Add those to your moving expenses and service hookup fees, and they can add up surprisingly fast.

• Your monthly housing expenses (mortgage, taxes, heat, etc.) shouldn’t use up more than approximately 32% of your income. (If your combined monthly income is $5000, for example, 32% of that is $1600.) If you have car payments or credit card debt, the rule of thumb is that debt repayment shouldn’t be more than approximately 40% of your income.

• Get pre-approved for your mortgage. It’s a good way of finding out how much you can borrow – and it speeds up the process once you’ve found the home you want to buy.

Step 2: Figure out what type of home is right for you.

Sit down and make a list of must-haves and nice-to-haves. Be realistic, but be clear about the features you can’t live without. How many bedrooms do you need? Bathrooms? Do you want a home office? A garage? How about a big backyard? Hardwood floors? Eat-in kitchen? Consider your lifestyle and your stage of life. If you’re planning kids in a year or two, the studio loft might not be your best bet.

Step 3: Decide where you want to live.

Living in an area you like is as important as buying a home you love. Do you want a busy urban lifestyle, a house in the ‘burbs, or a quiet place in the country? Do you want to walk to work or are you okay with a longer commute? Do you need to be close to good schools? Rec facilities? Shopping?

Step 4: Start looking.

You can start by visiting MLS.ca or checking the classifieds. When you see something that interests you, let me know. I’d be happy to talk about your needs and help you start looking at properties.

Step 5: Build a team.

When you’re ready to buy, I can help guide you through the process and connect you with trusted local professionals, including lenders or mortgage brokers, lawyers, home inspectors, and insurance brokers. I’m happy to recommend people you can depend on to make your purchase as smooth as possible.

Step 6: Make an offer.

You’ve found the perfect place – now it’s time to make an offer. An offer to purchase includes the purchase price you’re offering, chattels to be included in the purchase (like appliances or light fixtures), the amount of the deposit, the closing date and any other conditions.

I will help you prepare your offer, and will present it to the vendor, who will either accept it or make a counter offer (which asks for a higher price or different terms). You can accept or reject the counter offer. If everyone agrees, the home is yours. If not, you can make another offer, or we can keep on looking.

Step 7: Get a mortgage.

Once you’re approved, you’ll need to decide what type of mortgage works best for your needs. Will you go with a fixed or variable interest rate? Will your mortgage be closed or open? What will your amortization period be? Will you make payments monthly, biweekly or weekly? Your mortgage broker or lender can help you find a mortgage that suits your needs – and saves you the most money in the long term.

Step 8: Move in and enjoy!