A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.


Am I Ready to Buy a Home?

A Buyer's Representative can help you decide.

The decision to purchase a home is a highly personal one, based on both tangible and intangible factors. Beyond your personal situation, local market conditions, financing costs, and future expectations must also be evaluated.
The following list of questions can help you decide if you are ready to move forward with a home purchase. An Accredited Buyer's Representative (ABR®) can help you sort through these issues and provide essential local market perspectives. Most will offer this initial consultation free of charge.

Purchasing Considerations

  • If you purchase a home, how long do you expect to live there?
  • What can you afford to pay each month for housing related expenses?
  • What are the total costs of home ownership? This may include:
    • Mortgage payments (Principal + interest; based on various interest rate and term assumptions)
    • Property taxes
    • Homeowner's insurance
    • Utilities
    • Maintenance costs
    • Any other special fees - like home owner's association fees, condo fees or local improvement fees
  • Do you expect these housing-related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others)
  • What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)
  • Are local market prices favourable to purchasing? What are your expectations on future prices?
  • Do you qualify for any special purchasing assistance programs that can help reduce the cost of home ownership or with finding a portion of the down-payment?

Renting Considerations

  • If you are now a renter, what are your total housing expenses? (monthly rent, utilities, parking, maintenance costs, etc.)
  • How does renting versus buying factor into your long-term investment goals? (the principal payments each month on a mortgage would replace part of your monthly savings plan; appreciation in a home's value, while not guaranteed, is a pretty conservative investment growth vehicle).
  • How are you restricted with what you can or cannot do with your current living accomodations?

Other Factors

  • What are your personal preferences regarding the type of housing you wish to live in? How does location factor into your housing preferences?
  • How are your expectations concerning future employment?
  • What are your long-term personal and finanical goals with regard to housng?
For more information about buying or selling a Calgary home, please contact me today.


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