Lynn's Blog

How To Find An Affordable Home

Are you looking for an affordable home to purchase in Nanaimo?
For everything worthwhile in life there is a give and a take and buying an economical home is no exception.  Here are 5 things you will probably have to sacrifice to find what you're looking for in Nanaimo.
1.  Location
You've probably heard the motto that in real estate location is everything.  While that may be true, premium neighborhoods also carry a premium purchase price tag.  To find a well-priced home in Nanaimo you'll need to think outside of the box and consider areas that are up-and-coming.
2.  Size
In real estate buying bigger isn't always better.  Not only will a bigger home cost more, but you will also spend more on furniture, utilities and upkeep than you would with a smaller size house.
3.  Lot or Yard
Just as a home with more living space will cost more, so will a home with a large lot or backyard.  In part that's because land is the one thing that you can't make more of, so there's only so much land to go around.  You'll also spend more money than you probably expect on landscaping and also keeping the yard up. Tasks like watering, mowing the lawn or taking care of the swimming pool , if you have one, take up not only time but money as well.
4.  Amenities
Many people who buy condominiums look just at the purchase price and the amenities that come with the property, but forget to consider the ongoing monthly and annual strata fees that actually pay for those luxuries.  Often times the cost of your monthly fee  can be 25% or more of what your monthly mortgage payment is.  While having features like an exercise facility, swimming pool and BBQ area are nice, consider how much you'll actually be using them and if they are worth the cost to you.
5.  Cash
Last but not least, buying a home means that you'll probably have less cash to spend on the fun things you're used to doing.  Owning a home in Nanaimo is an investment in your future, but you'll probably need to cut back on dining out or going to the movies.
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