There’s no reason to lose hope when it comes to buying a home in today’s market. There are several compromises that can be considered to make homebuying more affordable!
- Reconsider Your Location: If you are priced out of your current neighborhood, don’t despair. Try broadening your horizon; look in different areas that offer similar or even better amenities.
- Start with an Investment: If relocation is off the table, you can still buy without moving. You can continue to rent in your desired location while purchasing an investment property in an affordable area. That way you can start building equity that can be used towards a more expensive home in the future.
- Reevaluate Your Home Style: If you’ve been priced out of owning your ideal home with a yard, garage and spacious interior, consider a more modest home. Single-family homes typically cost 20% more than townhomes and 29% more than condominiums. There are upsides to choosing a townhome or a condo. Living in a dense, walkable area with transit, parks and restaurants might offer a healthier, more environmentally friendly lifestyle than a sprawling suburb.
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