Daydreaming about owning something you can’t afford can be fun. Whether
it’s a diamond-encrusted watch from Tiffany & Co., or the latest Lamborghini,
even the thought of trying one on or going for a test drive can be exciting.
The problem with daydreaming, however, is that it’s all-too-easy to dismiss it
as just that – a dream.
But, what if you daydream about owning a beautiful home in a desirable
neighbourhood? Before you dismiss that as just fanciful thinking, it’s worth
finding out if that dream could actually be achievable.
You might discover that you do qualify to get into the home of your dreams.
It’s relatively easy to figure it out.
First, you need to learn what homes are currently selling for in the
neighbourhood you’re targeting. If you’ve been through that exercise already,
keep in mind that the market might have changed substantially in the past few
months.
The next thing you need to determine is approximately how much you can
expect to get for your current property. That’s a fairly easy calculation and is
based on what “comparable” homes in your neighbourhood have sold for
recently.
Finally, you need to find out how much of a mortgage you may need and what
your payments will likely be.
Once you have those numbers, you’ll know if you can afford the home of your
dreams in the neighbourhood you’d love to get into.
Then you can stop daydreaming and make it happen!