Here at Source Mortgage, we work with a ton of Albertans who are looking into purchasing their first home, and we love helping Canadians find the best mortgage rates and features for their new home. But we’ve also come to realize that the motivation behind why you’re buying a house matters a lot. So here are five of the most common bad reasons we see Albertans buying their first home.
Previous generations of Canadians have all done well purchasing homes and investment properties, and that’s not necessarily out of reach for young Albertans today. But doing anything simply because you’re “supposed to”, isn’t a very good reason at all. If you love the freedom of renting, if the idea of being tied down to one house for at least five years doesn’t make you excited, then you don’t have to buy a house. You can rent for another few years or forever if you prefer.
Can a revenue property be a great investment? Absolutely. In the right area, at the right time, real estate can be a wonderful investment. But if you’re buying your first home, then the question isn’t really about whether the property will be great investment for the future, but whether it’s the right home for you now.
Having goals for the future, like a spouse and kids, is great, but spending $500,000 on a house for that hypothetical future is probably not the wisest decision. What if the spouse your meet is infertile or doesn’t want kids? What if you or them have a job obligation that means you need to move halfway across the country? In general, we suggest buying a property that should suit your needs for the next 5-10 years. Deal with the far future when you get there.
Many Canadians in the 20-35 range are feeling the heat from the older generations. When they aren’t being called lazy and entitled, they’re infantilized as overgrown children who refuse to get a job and grow up. But most of the young Canadians we know and work with do have careers and are great, hardworking people. If you’re content renting and only considering buying a home because you think that’s what will magically transform you into an “adult” in the eyes of your relatives, think again. The angry people will always find something to nit pick, so if you love your affordable, all-included apartment, stay there! You’ll buy a house when you want to!
This bad reason is especially common among siblings. Either the older sibling bought his or her home by 23, and now the younger sibling feels the need to do so as well, or — worse — the younger sibling bought a house, and the older sibling is trying to catch up. Life isn’t a race nor is it hopscotch. Different people can take different routes to the same end-goal, or they can just go towards different end goals entirely.
At Source Mortgage we enjoy working with Albertans and helping young Calgarians to buy their first home. But for us, our clients come first and foremost, and that means helping them to decide whether homeownership is really the best decision for them. If you want to work with friendly, mortgage experts who will put your needs above all else, come in to Source Mortgage today! And keep up with our next blog to hear about three great reasons you should buy a house!
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
|V.R.M.||Prime-.65 or 2.35%|