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First Time Buyers - Rules for Living

Blog by Claire LeLacheur | April 13th, 2010

The new mortgage rules start on Friday. After this money is no longer cheap. The honeymoon of real estate is over and we are finally back to reality.

A few pointers for first time home buyers that are still trying and should continue to try to get into the real estate market:

1. Your first house will not be your dream house. Face it. You might have to live in a studio in East Vancouver for a few years to build up your equity. Worse things have happened. It may be tiny, on a busy street, and not magazine perfect. It will be a stepping stone for your next house.

2. Save your money. Build your equity. Take on a second job, leave the Gucci shoes and the Coach handbags at the store.

3. See things for what they can be not what they are. Over the last few years, the market was good. Most people didn't even vacuum their home to get multiple offers. Paint and floors are cheap fixes and will go along way to making your pad look even better.

4. Suck it up. You will probably only have to live in the small apartment for a few years. Make the most of it. Most of us have done it at one point or another in our lives and it makes for good conversation at a dinner party.

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