Is Homeownership Right for You?

In this blog, we explore whether homeownership is right for you.

couple buying new first home

Do you have a stable income?

Purchasing a home is a big investment. Even if you can afford a substantial mortgage payment each and every month, you have to account for a number of hidden costs of home buying, plus the costs of occupying the home and maintaining it.

Are you staying put?

Consider your plan for the future. Do you feel like you’ll work for the same company for a few years? If not, could you find another professional opportunity in your city? You also should consider how the area will serve your personal life. Are there schools for your children to attend? Is there a local book club or soccer team that will fulfill your social life? If you don’t plan on staying in one place for more than 5 years, buying a home may not be the right decision for you.

Are you ready to take on all the maintenance?

From repairs around the house to year-round maintenance, like lawn mowing and snow shovelling, taking care of a home is quite the endeavour. Do you have time for that? Of course, all of those tasks incur costs as well, so you’ve got to budget for home repairs, landscaping equipment, and more.

Do you want to make a home your own?

One of the biggest perks of owning a home is the fact that you can truly make it your own. Want to paint the walls yellow? Go for it! Would you like to turn your entire basement into a home theater? Do it! Have you always dreamed of having an enormous garden in your backyard? Start seeding! If you’re ready to turn a house into your home, it might be time to make the leap to homeownership.

Do you know what kind of property you want?

Of course, you don’t need to know exactly what kind of home you want to own; however, a general idea of what kind of property or house you’d like is a good idea. Do you want a large yard, or would you prefer a smaller lot? Are stairs okay, or would you prefer a bungalow? Again, the specifics aren’t necessary, but understanding your must-haves and your absolutely-nots is a great step to being ready for homeownership.

Did you answer yes to most or maybe all of these questions? Congratulations! You might just be ready to become a homeowner. For more information on the home buying process, give us a shout at info@skhomebuyersguide.ca or fill out our guide online to help you on your journey to becoming a homeowner.

Get started