- The first thing that you will need to look at is whether your financial condition is good enough to support buying your own Calgary home. Take a look at how stable your job is – you will have to have a steady income. It will be the first thing your lender will look at – can you pay it back!
- Second make sure you have enough savings for a down payment, but remember you will also need some money associated with buying, lawyers, inspectors etc. But try and make sure you have a small fallback amount in case things don’t work according to plan – try and allow 3 months income
- The third thing to consider is your requirements – not only your present needs but your future needs as well. Are you planning to get married, have kids, etc? You have to consider your future needs carefully. If you are planning on buying a bigger house decide to upsize.
- Number four is carefully look at what you can afford. Even if your lender qualifies you for a large amount it does not necessarily mean you can truly afford it. Don’t make yourself “House Poor” ownership comes with several other expenses. You may then find that you cannot afford your Dream Home and you may have to compromise in certain areas. And have money left over once you settle in for holidays etc.
- When you take the decision to buy a new home, you will have to get your priorities set at the start. Is the main priority proximity to work? Or is it an area close to good schools? Does it have good resale value in an area that sells consistently? There are many communities in Calgary that we can advise you on, and take a lot of the stress out of buying.
- Number six, you are making a long-term commitment – a commitment that may mean compromising on many things to afford your mortgage payments. While it is always a good decision to buy a new home, it is absolutely crucial to run the numbers and make sure that the timing is right as well as finding out what you can truly afford.
We can help you understand the overal picture, not just to get you into the house you want to see. Contact us for a Buyers Consultation - it is a good time to buy for many reasons and once we are back to normal - watch everything go back up!
Lets see if we are a good fit - 403.850.0669
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