Buying a Calgary property is a huge decision and it is not necessarily the best decision for everyone. There are a few questions you should ask yourself first upfront before you decide to buy.
- Are you prepared to live in the same location for a period of time?
- Do you prefer traveling, spending money on other things or just being flexible with your finances?
- Do you not want to be burdened by having to worry about maintaining your property or considering future repairs?
Just because your friends are out shopping for a place to buy does not have to mean that you need to. Talk to others who do own. What are there thoughts on owning? When you can comfortably answer the question about wanting to buy with a yes then you are probably ready to start the process and move forward.
Buying a property is a commitment both financially and lifestyle wise. Consider some of the advantages of owning a home:
- Potential for long-term financial security
- Ability to modify, renovate and to make it your own
- Feeling of stability and control over your own life
Along with the benefits there are also disadvantages to homeownership.
- Large financial commitment. This can be stressful and at times can be a burden.
- You need to maintain and keep up your property in order to maintain its value.
- Owning is often at a higher price than would be if you were renting when you simply look at the monthly cost.
- Full responsibility lies on your shoulders.
Once you have decided and made a commitment to buy a property the very first step you should take is to find out exactly what you will qualify for financially. This process also known as mortgage pre-approval will help you determine what a reasonably priced property will be based on your budget. Keep in mind that you also want to allow yourself enough flexibility in case there is a change in your financial position (some kind of ‘rainy day’ fund). If you ready to get preapproved for a Calgary mortgage check out the professional list or see Financing. Qualifying and Getting your Calgary Mortgage Pre-approval