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SHOULD YOU BUY THE MOST EXPENSIVE HOME YOU CAN AFFORD?

<br>Oftentimes, spending less on a property than you can actually afford is a smart move u2013 although it may seem counter intuitive u2013 and the advantages of doing so can be found below:<br>

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SHOULD YOU BUY THE MOST EXPENSIVE HOME YOU CAN AFFORD?

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  1. SHOULD YOU BUY THE MOST EXPENSIVE HOME YOU CAN AFFORD?

  2. Oftentimes, spending less on a property than you can actually afford is a smart move – although it may seem counter intuitive – and the advantages of doing so can be found below: You can get into an expensive neighborhood without spending all your life savings: As is usually the case, the best, most exclusive and desirable locations are also the most expensive, but by buying a cheaper property in that area, you can join the best communities, without breaking the bank.

  3. Get a property value boost, almost without fail: Once the more expensive, desirable properties in the neighborhood find buyers, yours will be worth a lot more. Buyer interest will be piqued: With the majority of property purchasers buying houses in the middle range – rather than the most, or least expensive – even if you carry out the bare minimum of renovations or upgrades, you’ll still be guaranteed a higher price when it goes to market and generate a lot of interested buyers.

  4. You could strike an even better deal: Many property buyers don’t want the cost, stress or hassle of undertaking renovation projects, so you could find yourself as the only bidder on a cheaper property, and may even be able to negotiate a lower price than the original one. If you’re ready to purchase a property and are looking for a good deal on a cheaper place, below are some tips to help get you started:

  5. Don’t rush into it Buying any property, whatever the price, is a big financial decision and one that shouldn’t be hurried into. Think over your finances carefully and be honest about what you can and can’t afford. • Find a reputable, local real estate agent An agent with experience in your locality will be able to give you a much more informed and detailed breakdown of the local market and spot good deals that might be just what you’re looking for.

  6. Compare recent sales Comps, or comparables, are far more accurate coming from an agent compared to those you’ll find online, and can help you get a better deal. • Get quotes for any repair or renovation work required It’s important to have a good understanding of the cost of any work that may have to be carried out, and never spend more than you can afford on it.

  7. Talk to a mortgage broker A mortgage broker can help you understand the loan market and get a better deal when finally decide on a property and want to make a bid. So, don’t be tempted to spend all your money on a property, even if it does seem to be your dream home, and instead, consider the potential advantages of buying a cheaper home and carrying out some repairs and renovations.

  8. Red Key Mortgage is located in Calgary, Alberta. We are a boutique brokerage with high volume serving hundreds of clients locally and nationwide every year. We have a number of associates dealing in mortgages as licensed by the Real Estate Council of Alberta. As the best mortgage broker in Calgary, Red Key Mortgage, will provide all of your available options from the entire mortgage market and allow you to make an educated decision where you'd like your mortgage to go. Red Key Mortgage works with big banks in Canada, as well as over a dozen other AAA lenders. Best of all, our services are paid for by the lenders at no additional cost to our clients. If you are looking for a 2nd mortgage in Calgary, contact us today! We can't wait to get started.

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