If you’re an aspiring first-time buyer getting frustrated by how hot—and expensive—your market is, you’re not alone. Many young people are in your exact position. In fact, this professor at UBC actually did research on the plight first-time buyers face, and determined that they’re by far worse off than their parents were.
That being said, there are ways to land a new home if you really want it. You may just have to employ creative measures, such as:
Buy with friends
You’d obviously have to be very careful which friends you choose—and make sure you employ the help of a good real estate lawyer when devising the contract—but this strategy has worked for some people. In one case I’m familiar with, a group of three roommates decided to just buy the home they were living in. It came up for sale and, after doing the math, they realized today’s low interest rates (coupled with a good down payment) made their mortgage payments cheaper than their rent payments. In another situation, a married couple and their friend bought a home together with a basement apartment. The bachelor lived downstairs and the couple—and eventually their kids—took the upstairs.
Be resilient
In a hot market, it’s easy to get discouraged—but it’s important not to let the endless bidding wars get you down. One buyer I know looked at every house that came up in her price range—regardless of what the photos in the real estate listing looked like. She eventually came across a gem—a recently-renovated home with a basement apartment in a decent neighbourhood. Not a single soul put an offer on the place because the agent hadn’t updated the listing photos—and the ones posted were pre-reno (and quite scary).
When necessary, settle.
Sometimes you just can’t get what you want. Sure, a three-bedroom three-bath detached home would be ideal, but sometimes a smaller townhouse is all you can afford (and find). If you can find a place that will make do for the next five years (that doesn’t overextend you), you may have to settle—and buy your dream home after you’ve built up some equity.
If you or anyone you know is trying to break into the housing market, please don’t hesitate to send them my way. Referrals are always appreciated!
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