<prompt> Human: Hello everyone!I graduated last year and have recently just paid off all my student debt. I am currently working and renting in Ottawa but I am looking to buy my first house.Background:Myself: 23 year old male, graduated spring 2015 and full-time permanent position since April.Salary: 46K before taxesAssets: 41k in mutual funds in my TSFA account Debt: NoneCurrent expenses: No car so only a bus pass at 103.25month. Rent is 460month all inclusiveCredit score: Good - low to mid 700sBudget: Ideally no more than 300kIve been pre-approved for a 300k mortgage at one bank and waiting to hear from another. Im also planning on putting down at least 20 down payment to avoid the mortgage insurance.Ive looked around and found used townhomes from 190 230k. I also looked at new townhomes that start at 265k.So my questions are:1. What should I look out for when buying a used home? Any hidden expenses that I have to be careful about?2. New VS used homes?3. For those who live in Ottawa, do you prefer the East or West end?EDIT: Forgot to mention that I live in the house and be landlord to 1 or 2 roommates tennants, so I will have additional income from that, roughly 1000-1200 extra per month.EDIT 2: Mortgage: 5 year closed variable and 10 year amortization. Not set in stone but this is what Id lean towards. One bank is already given me an interest rate of 2.94  <response>: Like everyone else, I am absolutely shocked you got approved for a 300k mortgage. How much cash do you have for your down payment? Im in California, and when I was approved for a 300k purchase price, I was making 72kyearAnyway, regarding your question about buying a new vs. used home, my tip would be to have a very good realtor that can hire an even better inspector for your home inspection. My realtor regularly worked with a very good inspector, and he uncovered some brokenrundown things that were not mentioned in the listing. Then my awesome realtor was able to get me 10k in credits for closing to cover those repairs.Also, one other tip: do NOT buy more house than you can afford. I know you said that you will have rooommates, but you really need to purchase something you can afford month-to-month without relying on roommates. Thats not guaranteed income, and you should buy a place you can afford 100 on your own because of the uncertainty that comes with roommates.Then also, with roommates, if you are the owner of the house and become the landlord rather than third roommate, you should be claiming that as taxable income. This is how it works in the U.S., so Im not sure about Canada, but its something you should look into. 