This article was written by Les Roberts from moneysupermarket.  He lives in the UK with his dog, Lola.

Many young couples dream of owning a home but the process can, however, be fraught with pitfalls. The internet offers a lot of information that can make the process easier, from tips on what to look for in a home to help on how much you can reasonably afford through tools such as the mortgage calculator at moneysupermarket.

If your parents have purchased a house, you can get first hand advice from them. They have already gone through the process and can suggest who to use, what rates to look for and which terms to consider.

You can consider using the same mortgage lender that they do. Your parents will have a lifetime of experience with their bank or lender and will know whether the lender is trustworthy and can offer sound advice.

One of the most important factors to consider before you buy is whether you and/or your partner earn enough to make ends meet. Apart from the loan repayment you will also pay insurance on the house, so keep that in mind.

Your parents can show you their budget and how easy or difficult it was in the beginning to have the funds to cover all the costs.  Editor’s Note:  I haven’t ask my parents to look at their budget lol.  I don’t think they had one though, but even if they did I think it might look very different given the rate of inflation.

Buying property is a lifetime commitment. You will more than likely have the loan repayments for the next 20 – 30 years. Children may be born into the union and extra costs will be incurred. Make sure you can afford the total package.

When you own a home, you will also become liable for taxes, utility bills etc. When you do your calculations as to what you can afford, remember to include these costs as well.  Editor’s Note: In Canada, the general rule is that your mortgage, heating, and taxes should not exceed 32% of your gross monthly income.  If you have debt, like a car loan, credit card payments etc. those in combination with your mortgage, heating, and taxes should not exceed 40% of your gross monthly income.

Your parents will no doubt also tell you how expensive it is to maintain a house through the years. You must keep your house in good shape or it will be difficult to sell or you will sell for a lesser amount.

Paint is expensive and this is something that will have to be done every five to ten years. The house will have to be painted inside and out. The upkeep of a garden also costs money and you cannot neglect it.  Editor’s Note: If you do, people may mistake your home for a crack shack, and children won’t come knock on the door on Halloween to trick or treat- not that I’m speaking from personal experience…..!

The larger the down payment, the lower the monthly repayments and the term can also be reduced.

Speak to relatives who have been in the armed forces and they will confirm that you may qualify for a loan known as a VA loan. If you have also served your country you should enquire whether you qualify.  Editor’s Note: I don’t know if this applies in Canada or the United States, I haven’t heard anything about this from my acquaintances in the military.

The government assists first-time homebuyers and runs down payment assistance programs. Find out how this will help you.

The county where you want to settle might offer special programs to encourage home ownership in specific neighborhoods. In some instances it might be advisable to rent for the moment rather than to buy.

Apart from their specific home owner knowledge, your parents also know their children very well and will realize which ones can go the distance and which ones not.

Your parents have their house to stay in when they get older and it will be paid off. It removes the worry of a place to stay when they are retired. A house is generally regarded as a good investment and one that escalates in value as time goes by.  Editor’s Note:  I’m not sure if many people regard a house as a good investment anymore, given that many homes have been foreclosed in the real estate market south of the border.  However, if you buy a home that has been foreclosed at its rock bottom prices, then that may be another story, I would say.

It can be sold in times of hardship or when you want to move to a smaller property and the money can be invested for an additional income if purchased for less money than the current market.

Readers, what are your thoughts on this?  Did you involve your parents in the home buying process?