With low interest rates and increasing inventory in the Calgary real estate market, many Buyers are thinking about investing in a move-up home. Traditionally, a move-up was considered anything that was larger than your current home. These days, a move-up home can be larger in size, in a more expensive neighbourhood, or a home with higher end finishes and more luxurious amenities. To help you make the best decision possible, take some time to consider these factors and questions before you commit to your next home.
How much home can you afford?
Once you own a home, additional factors can affect how much of a mortgage you will be approved for. Before you start house hunting, meet with your Realtor and mortgage broker to find out what your current home will sell for and how the sale price will impact the mortgage qualification amount.
What home features are the most important to you?
Now that you have owned a home, you probably have a better idea of features that you love and those that you can live without. You might even have a wish list of special features or amenities that are a must-have for your next home. Make a list of these things and be sure to share it with your Realtor.
What kind of Homeowner are you?
By this point, you know if are a person who loves gardening or if you prefer that someone else handles exterior maintenance and basic repairs. If you are a DIY diva, let your Realtor know that you are not afraid of a Handyman’s special. If you want as much distance as possible between yourself and tools, consider looking at condominiums or newer homes.
What is your current family and life situation?
Depending on how much has happened since you last bought a home, your needs might be completely different. If you have just started a family or emptied your nest, then your housing wants and needs are not going to be the same. Talk with your Realtor about the ages and stages of everyone who will be sharing your new home.
Where do you want to live?
You need to decide if you want to stay in your current neighbourhood or if you want to venture out and settle into a different area. Several factors may come into play when you are thinking about where to buy your new home including things like proximity to work and schools, amenities, types of housing available, and housing prices.
Buying your move-up home deserves careful consideration to help you make the best investment possible. Contact me to find out how I can help you find your pathway home!