When buying your first Strathmore home, you should be ready to ask yourself some important questions. Analyze your needs, your financial state and your plans to make sure you make the right home buying decision.

The Dollars and Cents of Buying Your First Home

Cost is, of course, the primary consideration when buying your first home. You need to sit down and do a thorough evaluation of your financial status, factoring in any outstanding loans, your salary and job security, and your savings. Once you have done this you can come up with a pretty good idea of the amount of down payment you can make, if any, and the monthly payments you can afford.

When budgeting, remember those added costs that most first-time home buyers tend to overlook. You need to add property taxes, insurance, and utilities to your monthly bills, condo fees (if applicable) and any possible increases in commuting costs if you plan to move far from your workplace. Additional expenses must be calculated into your overall home purchase budget.

And if your down payment requires CMHC insurance, you will need to buy that mortgage insurance.

Don’t forget the extras too. Buying your first home often means buying your first fridge, stove, washer, dryer, and even a lawnmower and barbecue!  You may get lucky and work these extras into your overall home purchase agreement.

Loft, Semi, Town, Detached?

Costs are your number one concern, but you also need to consider lifestyle. Sure that downtown Calgary loft is great, but what if you are planning a family soon? Can you see yourself and kids in a small condo in the heart of the big city? The nice thing about Strathmore is the prices for home are potentially a bit cheaper than in Calgary, plus the commute to the city is a great way to unwind after dealing with the Calgary rat race.

Many of us imagine owning a single-family, detached house, but with the price of real estate these days, you have to ask yourself how far you are willing to go to get that dream home. Maybe you can find a semi-detached or townhouse that is more conveniently located. Speaking of location, how important is proximity to shopping, schools and parks? Do you want a backyard, or is a small deck enough? Do you want to be in the city centre, or are outlying areas okay?

Be sure to answer these questions before looking too seriously into buying your first home. Having a clear idea of what you want and what you can afford will make your search for a home easier.

Questions On Financing Your First Home

If you are having trouble saving for a down payment, you may want to discuss your options with a mortgage professional. You may also have questions about plans available for first-time buyers, or RRSP options that may be available when buying your first home. Maybe you are concerned about your credit rating and the impact it will have on your ability to get a mortgage.

As your single source for Strathmore Real Estate, I have a network of professionals ready to help you get into your first home without any major glitches.  Give me a shout to learn more 403.561.0037.