For many people owning a home is still a dream, and finding an affordable home these days is even more of a dream!.
You need a good team behind you, yes you can get most information on the internet, but you can’t get experience!
With today’s changing mortgage requirements and the down payment you will need, buying a home is becoming more difficult even with interest rates low. As a new buyer you may have to compromise, here are a few things we can suggest.
1) The Price is the biggest sacrifice you can make. It is always good to consider buying a home that is 15-20% less than your mortgage person tells you that you can afford. The impact that will have on your monthly outgoings will be huge.
2) Build Up Your Spare Cash. Ok this has a huge positive impact on affordability for you. Cut out lots of things you just don’t need and force yourself to save a good down payment. It means lower monthly payments, a lower interest rate, and it could avoid any private mortgage insurance.
3) The Community. With your favourite community you may need to give up a little. We could help you look for a home that is just outside your ideal community. Near public transportation and with schools within a short walk or drive. If you want to have easy access to work you might have to stay out of the communities where home prices are higher, i.e. Central South West if you work Downtown.
4) Home Styles. This can make a big difference when you buy. If you don’t want to compromise on the location, but the single family homes are too much of a financial stretch, maybe consider a condo townhouse, but keep your options open. These housing types make finding an affordable home easier, and may still put you in the right community.
5) Square Feet. Look out for a good floor plan that can make a home look a lot bigger. Most homes in Calgary are priced on square footage, so a smaller home with a great layout can be really good on price.
6) All You HHhHave To Do Is Move In. Sometimes it is good to look for homes that need a little TLC, and if you are not afraid of work, why not consider improving the home yourself after move-in, over a period of time. Everything doesn’t have to be done as soon as you move in.
7) Get the Right Amount Of Bedrooms. Try not to buy what you don’t really need, look for extra space maybe in the basement. An undeveloped basement in a home can really bring the price down, but maybe you can develop it further down the road.
8) Outdoor Space: This can make a great home and enhance your pleasure, and make it feel a lot bigger. Big lots cost more though so consider compromising with a deck or patio. Homes backing onto green space and usually more expensive.
9) Preparing the Mortgage info: We like to give you Mortgage options with one of our experts who can really help our clients and talk them through it. Usually a bank Mortgage person can only offer what the bank offers! But we like Mortgage experts who have the ability to compare the best rates, giving you more options and advice. If you need help in this area, just ask.
10) Be comfortable in your buyering journey and don't become "House Poor" you still need vacations and fun family time!