Buying Homes for Sale in Grand Forks on a Budget

Many Canadians have struggled to achieve homeownership in Canada since interest rates began to rise in 2022. However, with rate hikes finally pausing, buyers who were once sidelined are eager to re-enter the market. To do so, Canadians have had to be smart about how to make their homeowning dreams come true. This has resulted in all sorts of creative strategies to ensure financial security while realizing their real estate goals. To help you better understand some of the ways that people are buying homes for sale in Grand Forks on a budget, we wrote this post.

Follow along below to learn more!

Strategies for Purchasing Homes for Sale in Grand Forks on a Budget

Owning a home is a dream for several British Columbia residents. However, with such steep prices throughout the province, it can be hard to bring this dream to life. One of the ways that homebuyers are working around high prices is by finding properties with additional dwelling units. Homes with ADUs are great for buyers who need a way to offset some of the cost of their mortgage, maintenance, and utilities. If you’re considering purchasing a property that has an ADU be sure to check that it’s legal. This means making sure the zoning is correct and all necessary utilities/amenities are in place. 

Another strategy that is becoming increasingly popular is co-ownership. Buying a home with a friend or family member is an effective way to pool resources to afford a property. This is particularly beneficial during competitive market conditions. By sharing ownership with another person you get double the purchasing power and higher chances of receiving a larger mortgage with better terms. Because of these advantages, you’ll be able to broaden your home search for higher-end properties or ones in better locations. Consequently, increasing your odds of finding a home that you love!

Before you take the plunge and buy a home with a friend/family member, there are a few things to consider. For example, what if one party no longer wants to participate in the arrangement? Or, what if you want to sell but the other person does not? Having some paperwork in place to help you handle these disputes is critical. Drafting a legal agreement with the help of a real estate lawyer is a step we’d advise against skipping. Once the agreement is in place, you can refer to it to help maintain an amicable relationship with your co-owner. 

How Else Can You Achieve Your Homeownership Goals 

Sometimes, to achieve our goals, we must lower the bar to make them more attainable. The same is true for buying a home in a pricey market. If you are a buyer struggling to find an affordable property, you may need to make some concessions to find an appropriate home. A common compromise that buyers will make is location. Exploring more affordable neighbourhoods and cities can be a great way to meet your financial and real estate needs. It may be tempting to purchase in high-demand areas like Vancouver and Kelowna. However, it’s easy to be priced out of the market in these cities. Instead, consider expanding your search to open up new possibilities better suited to your budget! 

Our last tip for buyers looking to buy a home affordably is to try a rent-to-own agreement. Rent-to-own properties allow tenants to rent a property and eventually purchase it. A key benefit of these agreements is that the purchase price is usually agreed upon at the start of the lease which protects it from becoming inflated later on. Other advantages include the ability to strengthen your credit, live in the home before committing to buying, and save for a down payment. All of these perks can make rent-to-own properties incredibly enticing for first-time home buyers. 

However, rent-to-own agreements are not always sunshine and rainbows. Oftentimes, there are terms and conditions that renters/prospective buyers need to be aware of. For instance, rules make it difficult for the renter to back out of the deal if they no longer want to purchase the property. Or, steep rental rates and fees. Before you sign off on a rent-to-own agreement, be sure to have an accredited real estate lawyer review the terms and conditions. 

Contact us Today!

Are you ready to buy real estate in Grand Forks this summer? Start the process today with the help of one of our local real estate experts! For more information about houses in the area, contact us today. Be sure to check out our social media for the latest updates and more. Also, don’t forget to visit our blog next month for more real estate content about Grand Forks. We look forward to working with you!