3 tips to prepare and save for your first home

(NC) Purchasing your first home is an exciting time in your life, but preparing and saving for this milestone can be overwhelming. For less stress, consider the following:

Set a realistic timeline and savings goal.
The time it takes to build that down payment is different for everyone, so it’s important to make plans and budgets that work for you and your lifestyle. When you’re ready to start putting money aside, it’s worth finding ways to maximize your savings. One way of doing this is by holding your deposits in a tax-free First Home Savings Account (FHSA).

Keep your savings safe.
While you’re on your journey to savings, you’ll want to ensure that the down payment you worked so hard for is kept safe. If you do open an FHSA, look for an institution that qualifies for deposit insurance. For reference, the Canada Deposit Insurance Corporation (CDIC) insures eligible deposits in nine different categories for each of its member institution. Find more information about how they protect FHSAs and other accounts, at CDIC.ca. They also have a handy online calculator to help determine your coverage.

Know what you want and shop around.
When it comes time to start house hunting, take the time to think about what makes a house a home and what matters most to you. It never hurts to shop around and see all the market has to offer before making a purchase.

Finally, whether it’s reaching a savings goal or making that final purchase, don’t forget to celebrate when you hit those milestones.