Finding That Affordable Calgary Home
It is a good time to buy, sellers are still competitive in their pricing and as the market starts to slowly climb back and inventory is steady , you can get a great home at a great price. For many people owning their own home is still a dream, but you will need a good team behind you, you can get most information on the internet, but you can’t get experience!
With today’s mortgage requirements and the down payment you will need, buying a challenge, even with interest rates low. As a new buyer you may have to compromise, here are a few things we can suggest.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
We can are here to help you with any concerns you may have; Call Stu Direct 403-850-0669