When young clients or clients’ kids buy homes, they’ll need advice on whether they should pay back their mortgages or save in the years following the purchase.

When making this decision, homebuyers should think about aspects such as how long they plan to live in the home and, especially because they’re young, whether their savings goals and styles will shift in the near and medium term, according to a recent Moneysense.ca Q&A, featuring CFP Jason Heath of Objective Financial Partners.

Read: What 30-somethings expect from their advisors

In response to a young homebuyer, Heath suggests he consider whether he’s a conservative or aggressive investor, given this will help calculate whether the rate of return of his mortgage will outpace his investment returns.

Read: When is the best time to buy a home

As well, he warns that new homebuyers should always save for extra expenses such as unexpected repairs and ongoing maintenance costs. Since young homebuyers have long investment horizons, he suggests they be lenient with monthly savings targets so they can set aside “cash or ensure access to a low-rate line of credit in the event of just such an emergency.”

For more from Heath, click here.

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