Are you thinking about finding your next home? It can be tricky balancing what you want with what you can practically afford. Here are some tips that can make buying your dream home more doable:
- Save for a larger down payment. A larger down payment can lower your monthly mortgage costs and possibly help you get a better interest rate.
- Look at neighbourhoods that are less “in demand.” Some areas have the reputation of being desirable or exclusive and – as a result – expensive. But, there may be neighbourhoods that are not as in-demand and yet ideal (and more affordable) for you. Explore that possibility.
- Consider a fixer-upper. A home that needs some work may be more affordable, and you can save money by doing some of the renovations yourself.
- Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing.
- Research mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.
Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.