Alberta is one of the fastest-growing economies in Canada, with an expected growth of nearly 5% to happen in 2022. Of course, if you want a piece of this profit, you must buy a home here sooner than later- but budgets are vital.
Whether you’re buying your first home or you’re ready to invest after being off the market for a while, these are the top ways to find a great house in Alberta that fits with whatever budget you’re working with!
Avoid the Major Cities
We would all love to be able to afford a new home in downtown Alberta or Calgary, but these areas are incredibly expensive. Instead, consider seeking out a house at least half an hour outside city limits.
Looking at St. Albert real estate instead will let you save money, possibly get more space, and avoid the sound and rush of city living. Although the home prices don’t rise as quickly, this will have to be a long-term investment: it’s an awesome place to live.
One of the best ways to save money is to buy a smaller property. Of course, if you have several family members moving with you, you don’t want to force many of them to share a room: but if you don’t need the extra space, try not to get it.
If you’re an empty nester with a spouse, consider going for a two-bedroom home instead of a four-bedroom. Although it would be nice to have the extra rooms like guest rooms if anyone stopped by, these would only be used occasionally and aren’t worth the extra hundred thousand dollars they add to the home’s value.
Realize It Doesn’t Have to Be Forever.
If you’re younger and want to start a family: it can be hard to struggle with the idea of getting a smaller property, but you need to consider the fact that it won’t be forever. After you buy your home, anything after the first ten years, if you’re paying a mortgage, is strictly profit.
This means that if you’re planning to start a family with a couple of kids, and you buy a two-bedroom home while you still don’t have kids, you’ll have some room, and you can sell ten years down the line to be able to afford a larger home. So your first property doesn’t have to be where you live forever.
Consider Renting Out a Room
If your loan approved you for a high amount, and you want to be able to buy that, but you’re not sure about affording it in the long run, consider renting out your extra room until you can afford it on your own, or you have a kid that would need that room.
This will give you some income to help pay for the property while also ensuring you own your property and gain value in it.
You Can Find the Perfect Home for Yourself in Alberta
Whether you’re moving to Alberta for work, or you’re ready for a change of pace: there’s paradise here waiting for you. From the incredible people and amazing landscape to the booming economy and massive investments available from real estate, follow these tips, and you’ll find the perfect home for you!