Main areas you could compromise on to save money on your home price:
It is Outside the City Centre
Moving to the surrounding cities or towns bordering the major city centre will save you money on your home price. These areas are less popular to live in, but they may not be that way forever. It is the bordering towns that often see new developers building homes and attracting more businesses. An increase in town population requires the town to put in more infrastructure like schools and public transit. Eventually, most little towns become moderate-sized cities over time. In the short term, you may have a longer commute and less access to amenities, though, your home value may increase drastically in the long run.
The Neighbourhood Isn’t the Best
Homes that are only a few streets apart can attract different home prices. Homes on one street can be older, and on the others new, or one street is next to a busy road, and the other is in quiet development. Perhaps one home is on a street where crime is more likely to occur, and the other is not. Compromising on the neighbourhood can save you money in the short term, but in general, neighbourhoods take time to improve and lose certain stigmas.
The Home Needs Love
Whether it’s cosmetic or structural and depending the amount of love & care is required to fix a home to your liking, you may want to consider purchasing a fixer-upper to take advantage of the lower price point and potential increase in price when you go to sell the home. If you have the skills to do some or all the repairs yourself, even better! Just be sure to do your research in advance on how much the home renovations will cost you. And as always, opt for a home inspection to ensure there are no underlying issues that might surprise you (and your wallet) later.
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