Turning the key in a lock that no landlord has access to, reading in a hammock in your own backyard and painting your dining room bright red – what could be more exciting than making the leap from renter to first-time homeowner?

Getting swept up in all the excitement is a wonderful feeling, but some first-time homeowners lose their heads and make mistakes that can jeopardize everything they’ve worked so hard to earn.

Don’t be one of those people – take a few moments to ponder the Globe and Mail’s Five smart steps every new homeowner should take that will help ensure that your first home becomes the place of luxury and financial freedom you’ve anticipated.