16 May 2012

First-time home buyers shouldn’t stretch their mortgage budget

Buying a home for the first time can be a scary experience for just about everyone, as it's a major decision with big financial implications. Moneyville blogger Krystal Yee recently completed her first year in a new home and offered up some tips for those considering their first purchase.

The top tip Yee offers is to buy for less than you can afford. Yee was approved for a $300,000 mortgage, but ultimately settled on a home that cost $238,000. This left her with more money for home improvement and savings. In addition, Yee opted to increase her mortgage payments in both size and frequency to get the home paid off quicker, cutting down drastically on the amount she'll spend on interest and ensuring she remains ahead on her mortgage.

Those who decide on a less expensive house may want to consider investing in a self storage unit. Often, it's more financially sound to rent at an affordable self storage facility in Toronto or other cities in order to get some extra space. This is a nice solution for those who want to avoid paying extra for a garage, basement or closet space where these items might usually go.

Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.

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