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The Right Time to Buy a Home

Starfish The Gray Team Ucluelet Real Estate

Interest rates have been hovering at record lows and everyone was saying, “Buy now, before the rates go up!” Yet, in an effort to encourage more Canadian’s to buy a home of their own and to boost the economy interest rates have remained stable and the buyer’s market has continued to increase.

So is NOW the right time for you to buy a home?

I read an article from the Canadian Home Builder’s Association about home ownership ‘readiness’ among Canadians.  They made a statement that really stood out to me.  “...the best time to buy a new home is when it’s the right time for you.”

The truth is, in the 25 years you’ll have a mortgage the interest rates will go up and down many times.  Housing prices will continue to fluctuate as they always have.  You might decide to move, you might get a different job, and you might not.

The decision to buy a home is one you should make when you are personally ready.  When you can look at the long term and see that purchasing a home will fit your lifestyle, give you personal satisfaction, financial stability, and will help you meet your goals.  It has to make sense to where you are at in your life.

Things to consider when wanting to buy a home:

  • Do you qualify for a mortgage?
  • Do you have a down payment?  Consider costs like legal fees and the cost of moving.
  • Can you handle your other expenses along with your mortgage payments?  Think about home maintenance costs, insurance, taxes, utilities, etc.
  • Are you ready for the responsibly of owning your own home?

In many cases, the cost of rent is not much less than what your mortgage payment would be to own the same kind of house you are renting.  How far would that cost go towards owning your own home instead?

Although it’s important to watch interest rates and housing prices, it’s more important that you are personally and financially ready for home ownership.  When you feel ready to take that next step, give us a call and we’d be happy to answer any questions you might have.

Until then,

The Gray Team

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