3 Questions to Ask Before Buying Your Dream Home
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a recent survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”
This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the four major reasons people buy a home have nothing to do with money. They are:
- A good place to raise children and for them to get a good education
- A place where you and your family feel safe
- More space for you and your family
- Control of that space
What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.
2. Where are home values headed?
Calgary & Surrounding Towns have always had buyer and seller markets due to the fluctuation of the Oil & Gas market, but looking back over the past 50 years the values have always increased over time. Right now we seem to be headed for an upswing in prices as our economy is improving.
3. Mortgage Rates are the lowest in 60 Years
A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.
We have rates as low as 1.75% to qualified buyers.
Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.