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How Much Can You Spend on Your Next Home?
Even if you’re not thinking about selling your home, you might be wondering how much of a new home you could afford. You might see a house for sale in a nice area, and think, “Could I get into a house like that?”
Why not find out?
It only takes a few calculations to determine how much of a new home you qualify to buy. The calculation involves estimating how much you can get for your house on today’s market; determining what type of home you want and establishing what a house like that would currently sell for; and then taking into consideration your income, savings and other financial resources.
Once you put it all together, you’ll have a price range within which you can confidently shop for a new home.
This exercise might surprise you. You might find out you can afford to get into a home and neighbourhood you’ve always dreamed about. It’s worth finding out!