Buying a home is the largest financial transaction most of us will ever make in our lives. It can be very stressful and there are many factors to consider. ‘Home is where the heart is’ is a great Hollywood sentiment, but for many people, the love of a good partner only goes so far when they are stuck in traffic on the Deerfoot!
Location is an important factor in a home purchase for several reasons. First, location can impact the size and age of your home. A budget of $600,000 will go much further in a new subdivision where you can get a much larger home than something inner city and close to downtown. But, that comes at a cost: a longer commute that is potentially more expensive (gas, parking, wear and tear on the car). Living inner city could mean either walking or biking to work, but then you may be living in something smaller and potentially older. What will work better for your lifestyle? What style of commuting resonates better with you?
Type of ownership of your home is very important. Do you like puttering around outside, cutting the lawn and doing home maintenance? Then perhaps a detached home is for you. Is the thought of cutting your lawn making you break out in hives? Then maybe condo living is more your style! Again, this is a lifestyle decision based on how you like to spend your free time, and of course how handy you are (or aren’t!)!
The decision to purchase a home needs careful thought balancing the budget and quality of life. Your mortgage professional will tell you how much you can afford and what your monthly payments will look like. How different is that from what you are paying now? Can you afford the increase? A great way to get used to making higher payments is to start putting the extra costs in a savings account so you can adjust to the costs of living in a home (plus you’ll have some cash set aside for emergencies!)! Can you survive in this new financial reality? Do you need to adjust your budget for a home?
Using a licensed real estate professional can help you through the buying process and alleviate some of the stresses that come with buying a home.
Jen is a licenced REALTOR ® with RE/MAX iREALTY INNOVATIONS. Jen is passionate about real estate – and takes care of her clients by empowering them to make the right decision for them in the real estate market. Jen is also an avid cyclist and bird watcher!