Can you afford to purchase the home you really want? Here are some things to consider:
- What kind of home do you want? What kind of area do you want to live in? What features and characteristics do you need in a home? (Three bedrooms? A large living room for entertaining? A backyard big enough for a garden?)
- What homes currently on the market match that criteria? Are there some properties for sale that are close to what you’re looking for? What are their listing prices? How much, realistically, will it cost to buy one of those homes?
- How much, realistically, can you expect to get for the sale of your current property?
- How much of a mortgage will you need? How does that compare to the mortgage you qualify for?
- What additional costs will you incur when selling your current property and purchasing your new home? (For example, moving, home inspection, repairs and renovations, closing costs, etc.)
Chances are, there’s a home on the market that you can afford – and is right for you.