Are You Ready to Purchase a Home Right Now?

For most folks purchasing a home is one of the biggest purchases they will make in their entire life. It can be a fun and exciting adventure but it also can become a daunting or even stressful purchase. It is a huge choice and there are many things that prospective buyers should consider before owning their own home.Are You Ready to Purchase a Home Right Now

With interest rates continuing to stay pretty low and qualifications for mortgage approval easing a little bit, it could be tempting to ask yourself if you should invest in a home right now. The answer to this question may not be as simple as you think.

Here are some things to consider when wondering if you should buy a home right now.

Consider the Big Picture

Purchasing a home is a large commitment. Once it is made, it can be broken, but not easily. Before making any large commitment, it is wise to determine your ability to stick to that commitment.

Ask yourself what the big all-encompassing picture of your life looks like right now and how taking on the commitment of homeownership might fit into it. Think about aspects like your relationship status, if you have children- how they would be impacted, what it would look like for your pets, how your job might be affected, and so on.

Another big question to ask is where do you think or hope life will take you in the next five years? It is advised that if you do not plan to stay put for at least five years, purchasing a home is most likely not the best choice.

Your Financials

Purchasing a home is more than just being able to afford a monthly mortgage payment and having enough money in the bank for the down payment requirement on that mortgage

Take some time to ensure that you really have the means to afford homeownership, the other costs of homeownership should be calculated. These are items like the cost of routine maintenance, utilities, any HOA dues, having an emergency fund account for unexpected issues, and how all of the items add up along with your current monetary obligations like gas, food, and any other current debts.

Are You Ready for the Extra Work?

Making the transition from renter to owner means that there will be more work required of you to keep up the property. With this comes added time, effort, and cost. It is a good idea to ask yourself if you are ready to take on these extra things or to pay someone else to.

The financial piece of owning a home is just a small portion of actual homeownership. When considering if this is the right time for you personally to own a home, it is a good idea to do all of your homework and thoroughly exhaust every question possible before committing to what may be the largest purchase you ever make.

For more information on purchasing a home in Canmore and surrounding areas, please contact us at any time.

More Advice for Buyers

Check out the Newest Listings in the Canmore Area

25 Properties
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$763,000
Neighbourhood: Spring Creek
2
Beds
2
Baths
925
Sq.Ft.
2008
Year Built
1
Day on Site
A1221108
MLS®
Beautiful apartment in the Moraine Ridge complex in Spring Creek, on the banks of Policeman s Creek, in the heart of Canmore. You ll love the eight large windows looking west and northwest, which...
$3,780,000
Neighbourhood: Three Sisters
4
Beds
2F11/2
Baths
1,945
Sq.Ft.
2003
Year Built
3
Days on Site
A1212937
MLS®
Located on one of the most desirable streets in Canmore, this exclusive mountain home is surrounded by natural beauty on a 17,000 + SF Lot with a giant new South facing deck. The entire home was...
$787,395
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
961
Sq.Ft.
2008
Year Built
3
Days on Site
A1220846
MLS®
One of CANMORE S most desirable vacation destinations, Solara Resort & Spa, designed with ENTERTAINING in mind.
ESCAPE to the mountains to this fully furnished two bedroom suite. CREATE a meal...
$525,000
Neighbourhood: Spring Creek
1
Beds
1
Baths
617
Sq.Ft.
2015
Year Built
3
Days on Site
A1220971
MLS®
Come see this spacious 1 bedroom / 1 bathroom condo in Spring Creek's Origin 65+ Seniors Residence. Move in or rent it out as an investor. This unit comes complete with quartz counters, wood...
$628,950
Neighbourhood: Bow Valley Trail
1
Beds
2
Baths
763
Sq.Ft.
2001
Year Built
4
Days on Site
A1218711
MLS®
Generate Revenue with this delightful 1 Bedroom + Bedroom style Den, Short Term rental condo. An open concept design and cozy atmosphere with river stone, gas fireplace to relax in front of after...
$2,489,000
Neighbourhood: South Canmore
5
Beds
5
Baths
2,916
Sq.Ft.
2015
Year Built
4
Days on Site
A1220516
MLS®
With 5 beds & 5 full baths, at almost 3,000 sq ft, this master-built home by Canmore's Greystone Construction with bright & up to date finishes is a property to be thoughtfully considered. On 3...
$1,999,900
Neighbourhood: Three Sisters
4
Beds
3F11/2
Baths
2,072
Sq.Ft.
2003
Year Built
4
Days on Site
A1220624
MLS®
OPPORTUNITY KNOCKS: Get onto one of Canmore s most desirable and spacious residential streets! Offering a quality Morrison Home in a quality neighbourhood. The incredible location offers access to...
$1,349,000
Neighbourhood: South Canmore
3
Beds
3
Baths
1,631
Sq.Ft.
2007
Year Built
5
Days on Site
A1219927
MLS®
Exquisite fourplex masterfully built by Elk Run Custom Homes. This quality built three bedroom, three bath fourplex in South Canmore is situated just footsteps to the Bow River and many popular...
$785,000
Neighbourhood: Spring Creek
1
Beds
2
Baths
950
Sq.Ft.
2008
Year Built
5
Days on Site
A1220335
MLS®
In the heart of Canmore luxury living starts here with just a short walk from downtown; this stunning condo is set in a private location overlooking tranquil Policeman s Creek. Located on the third...
$2,749,000
Neighbourhood: South Canmore
4
Beds
3F11/2
Baths
2,933
Sq.Ft.
2022
Year Built
6
Days on Site
A1216851
MLS®
The majesty of the Canadian Rockies is reflected in the timeless mountain design of this spacious luxury South Canmore duplex. Quality craftsmanship and attention to detail are evident throughout...
$2,749,000
Neighbourhood: South Canmore
4
Beds
3F11/2
Baths
2,933
Sq.Ft.
2022
Year Built
6
Days on Site
A1216812
MLS®
The majesty of the Canadian Rockies is reflected in the timeless mountain design of this spacious luxury South Canmore duplex. Quality craftsmanship and attention to detail are evident throughout...
$789,000
Neighbourhood: South Canmore
2
Beds
2
Baths
1,190
Sq.Ft.
1981
Year Built
6
Days on Site
A1219511
MLS®
Centrally located in South Canmore close to the main street and the Bow River this townhome is extremely convenient for walking or cycling anywhere you need to go in Canmore. The open plan main floor...

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