Do you currently rent your home? Maybe you’ve been in the same house or apartment for a few years and are wondering if it might be a good time to purchase a property. This is a very big decision and the answer isn’t the same for everyone.
To help you determine if this is the right time for you to jump into home ownership, take a look at the questions below.
How are your finances?
This is the first place to start. If you’ve been seriously considering buying a house, you probably have been saving up a down payment. Keep in mind that you’ll need to have at least 5% of the purchase price on hand plus enough funds to cover legal fees and other house-buying expenses.
Having said that, remember that owning a home comes with a number of ongoing expenses that you would not have as a renter. Property taxes, repairs and renovations, higher insurance costs and the like all need to be incorporated into your budget. And, if you’re not already paying utilities on your leased dwelling, don’t forget their cost.
What works best with your present lifestyle?
Are you a homebody who likes to putter around the house or spend time working in the garden? Or, do you prefer to be out and about pursuing different leisure activities? It’s valuable to think about how you like to spend your free time because this could also determine if you’re ready to own your own property and, if you are, what type of dwelling suits your lifestyle.
For example, if you’re more interested in doing things out in the community or travelling and feel ready to purchase property a condo might be a good option. Alternatively, if you’re so inclined, part of the joy in owning a house can be rolling up your sleeves to make your own improvements.
Where do you feel most at home?
Here, we’re talking about where you find a sense of community and how different neighbourhoods make you feel. Calgary offers a diverse range of living experiences; there truly is something for everyone.
Imagine living in various parts of the city and think of which ones you prefer. Maybe you’d like to stay close to where you’re renting at the moment. If you like the familiar stores and parks and enjoy your commute to work, you might want to view real estate for sale nearby. Having said that, you could be envisioning residing in a different area that has other advantages. The key is to find a home that’s within your budget in a location you like. If you can’t find that right away, you might choose to continue to rent while you keep an eye on the market or widen you search to other neighbourhoods.
When might you experience a significant life change?
Are you anticipating a major alteration in your life circumstances? Perhaps you’re getting married, having a child or retiring. It could be that you have your eye on a promotion that might come with a change in work location or even a move away from Calgary.
Granted, changes cannot always be predicted. Some we have no control over at all! As much as you can, review your personal goals and family plans to make sure you’ve factored them into the house-buying versus renting decision.
And, when you feel ready to start a home search, I would be delighted to assist you. Give me a call and we can discuss what I can offer.