Has homeownership been on your mind or is a goal? Is this your first home, next home, retirement home… but the current state of the doom and gloom and the Canadian economy has you worried?
It’s impossible to know exactly what will happen next – it could heat up again or could maybe cool down again. Instead of trying to time the market, I recommend examining your personal financial situation, and when looking at things from this perspective, the picture becomes clearer and feels easier to control.
Here is a list of things to consider which may aid in your decision-making process:
1. Do you have a stable job?
2. Would owning a new home impact my current lifestyle?
3. Would owning a new home improve my financial position?
4. Do I have enough savings for a down payment? (at least 5% of the purchase price)
5. Do I see myself living in this house for at least a few years?
6. Are there any foreseeable circumstances which would require me to sell quickly and possibly lose money?
7. Does owning a home get me closer to my personal goals in life?
8. Am I being pressured to own a home from outside forces (family, significant other, friends, fear of missing out) OR does owning a home excite you?
9. Have recent changes in the market/ economy causing me to hold back fearing prices might drop again?
There are so many external factors which can create stress – the best way to combat this stress is by having a well-thought-out plan.
If you would like to have a conversation around homeownership goals and to alleviate your stress and concerns, I be happy to chat.
A comprehensive pre-approval backed by documentation enables me to provide a review on what an approximate monthly mortgage payment would look like based on your current financial situation (income(s), down payment & debts). From there, you will be able to budget and determine if homeownership is right for you now or whether it’s best to proceed or plan for later. This type of review will provide the clearest picture of all and removes a lot of the external noise.
I look forward to chatting with you and helping decide if it’s best to wait a bit or proceed forward.