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In our last post we introduced five questions to ask yourself to see whether or not you are (financially) ready to own a home. However, buying a home is a life-changing decision that is worth some more introspection. Therefore, in this post, we offer you five self-reflective questions to ask yourself to see whether you are emotionally/mentally mature enough for the big commitment.

Question 1:  How confident are you that you will want to stay in the same home?

Desirability to stay is one of the most important deciding factors in the debate between renting versus renting. Given the financial costs, it is generally more ideal to buy if you are willing to be in the same place for a decade than if you suspect that you will move within the next three years. For example, are you thinking about leaving your current job to pursue a better one in the next year or so? If you are currently in a relationship, do you see him/her as your ultimate life partner with whom to raise a family or children? If not, it may be best to keep your options open.  

Question 2: How much does permanence mean to you?

Buying a home usually means that you can live in it indefinitely without worries of sudden need for relocation, scamming landlords, or restrictions on home décor. Asking yourself how much does settling down in a permanent location worth to you is a significant question that can draw out many loose ends that you never expected prior to diving into a rash decision. It is purely one that deserves deep contemplation as it is a question of your life preferences and priorities.

Question 3: Can you accept the unpredictability of the future?

Changes in the future can bring about huge messes in your life. We never have 100% visibility into what the next day will bring, so all you can do it make sure you are making the best/right – not the easiest – choice. Many people make rash decisions to purchase a property when they become seduced by introductory prices or by the pride of owning a home, only later to regret when they realize that behind the glamour of a brand new home comes with many responsibilities and hidden troubles for which they are unprepared. Do not settle for the easier choice because it is, well, simply easy, but by putting a bit more effort into your home-purchasing plans, the harder choice may just turn out to be the best decision in your life yet.

Question 4: Can you force yourself to do what’s needed?

Although difficult, one of the most underappreciated benefits of owning a home is that it forces you to accept responsibilities such as saving up your pennies. Buying a home is not an easy decision that comes with many responsibilities. If you are not prepared to undergo a major change in your life such as tightening up your wallets, then it may be best to wait until you are ready before making such a big commitment. 

Question 5: How certain are you about your future income?

If your earnings suddenly change due to a demotion or a raise, it is relatively easy to adjust your living situation when renting. One of the advantages to renting is that you can easily find a new place that accommodates your current/new income. On the other hand, if your income will remain relatively stable for the next few years, then it is more advantageous to consider purchasing a home.

Like any commitment, purchasing a home is a significant one that cannot be decided in a short time. We recommend to stay conservative, to consider all options, and to try out the alternatives before taking up the new challenge. However, if you are sure that you are ready for a life-changing decision of owning a home, then we welcome you to use our listings to help you find the perfect home for sale in Kitsilano.

 

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