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

12 Properties
$787,498
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
832
Sq.Ft.
2003
Year Built
1
Day on Site
A2023687
MLS®
This 2 bedroom hotel condo boasts charm and comfort amongst beautiful south facing views! Take advantage of peaceful mountain getaways of your own, or, collect revenue as an investment property and...
$839,000
Neighbourhood: Three Sisters
2
Beds
2
Baths
843
Sq.Ft.
2023
Year Built
2
Days on Site
A2023434
MLS®
Located in Canmore's newest home development, The Meadows of Stewart Creek, this bright and modern 2 bedroom, 2 bath Alpine Penthouse Loft boasts breathtaking mountain views from every window. With...
$1,699,000
Neighbourhood: Cougar Creek
6
Beds
3
Baths
2,140
Sq.Ft.
1983
Year Built
2
Days on Site
A2023519
MLS®
Welcome to your rare mountain bungalow paradise! This incredible home offers the best of both worlds, with three bedrooms and two bathrooms upstairs and an additional three bedrooms and one bathroom...
$599,900
Neighbourhood: Bow Valley Trail
1
Beds
1
Baths
624
Sq.Ft.
2009
Year Built
4
Days on Site
A2023324
MLS®
COMING SOON! Beautiful condo at the Lodges of Canmore. Inside pictures available on Thursday! A very desirable location in Canmore, considered one of the best managed condominiums in the area,...
$576,450
Neighbourhood: Bow Valley Trail
1
Beds
1
Baths
589
Sq.Ft.
2005
Year Built
4
Days on Site
A2023325
MLS®
You'll love this immaculately well kept 1BR/1Bth unit in Falcon Crest Lodge, one of Canmore's highest rated resorts. Enjoy sunsets and nice mountain views from the deck of this pet friendly ground...
$559,000
Neighbourhood: Three Sisters
2
Beds
2
Baths
925
Sq.Ft.
2006
Year Built
5
Days on Site
A2023058
MLS®
Welcome to your new Mountain Home! Located in the beautiful Rocky Mountains, Canmore is an attractive location for many reasons. Here, you will find the ability to enjoy the quiet tranquility of...
$838,950
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
833
Sq.Ft.
2005
Year Built
5
Days on Site
A2023050
MLS®
Spectacular top floor penthouse condo with south facing Three Sisters Mountain views! This two bedroom, two bathroom vacation revenue property has rare tourist home zoning. Currently in the Clique...
$593,040
Neighbourhood: Bow Valley Trail
1
Beds
1
Baths
615
Sq.Ft.
2009
Year Built
7
Days on Site
A2022389
MLS®
This is your opportunity to invest in the most desirable sector of Canmore's real estate market. Currently generating lucrative revenue stream on AirBnB. Open concept, one bedroom suite captures the...
$825,000
Neighbourhood: Town Centre_Canmore
3
Beds
2F11/2
Baths
1,215
Sq.Ft.
1976
Year Built
7
Days on Site
A2022547
MLS®
Visit REALTOR website for additional information. Spacious, sunny split level Creekside townhouse with Fenced Backyard in downtown Canmore. Sunny, fully upgraded & centrally located, this 3 bed, 2.5...
$899,900
Neighbourhood: Eagle Terrace
3
Beds
3F11/2
Baths
1,468
Sq.Ft.
1998
Year Built
7
Days on Site
A2022542
MLS®
Beautifully Maintained Townhouse in Eagle Terrace
Welcome to this spacious 3 level townhome in Catamount Court. With 3 bedrooms and 4 bathrooms spread over almost 1500 ft2, there is plenty of...
$1,575,000
Neighbourhood: Eagle Terrace
3
Beds
3F11/2
Baths
2,247
Sq.Ft.
2003
Year Built
8
Days on Site
A2021813
MLS®
In Eagle Terrace situated on the ridge overlooking a wood reserve, this 4-level end unit townhouse on the sunny side of the magnificent bow valley has 3 bedrooms and 3.5 bathrooms. On the main level...
$3,385,000
Neighbourhood: Eagle Terrace
4
Beds
3
Baths
2,556
Sq.Ft.
2004
Year Built
8
Days on Site
A2021923
MLS®
Masterfully designed home on a spectacular Eagle Point lot. Perched high above on a massive and private lot, this property was designed by Loren Harms and built by one of Canmore's most reputable...

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