85 JAFFRAY Street, Cambridge, N1R3H9
85 JAFFRAY Street, Cambridge, Ontario N1R3H9
533 ARGYLE Street, Cambridge, N3H1R6
533 ARGYLE Street, Cambridge, Ontario N3H1R6
529 ARGYLE Street, Cambridge, N3H1R6
529 ARGYLE Street, Cambridge, Ontario N3H1R6
314 MAIN ST, Cambridge, N1R1Y3
314 Main Street, Cambridge, Ontario N1R1Y3
314 MAIN Street, Cambridge, N1R1Y3
314 MAIN Street, Cambridge, Ontario N1R1Y3
28 BEVERLY Street, Cambridge, N1R3Z5
28 BEVERLY Street, Cambridge, Ontario N1R3Z5
Cheap Homes for Sale in Cambridge
There is no shame in wanting to purchase a cheaper home. A lot of people have the goal of being a homeowner and if that means staying within your means to achieve it, then you have made a good decision. There are many reasons to purchase a more affordable home nowadays.
Of course, the decision can be tough and there are always pros and cons to why you want to choose a more affordable home.
This article is going to go over some of the pros and cons and what to know about purchasing a cheaper home. You can get a better idea of what will lead you to the best decision because purchasing a home is a big decision to make and sometimes a lifetime investment.
Why Choose an Affordable Home?
There are a number of individuals who opt for a cheaper home to purchase. No matter if you are a first time home buyer, new to retiring, or generally looking to downsize. Perhaps you are tired of paying rent and you might feel like your money is essentially being thrown away.
There are now more reasons to look for a less expensive home to own. Being a homeowner is certainly something to be proud of. The burden of renting and not having home security often outweighs the cost of owning your own home.
There are other bills to take into account, so if you have to budget all of your other bills and costs, it might be crucial that you find yourself a cheaper home. On top of the mortgage, there is house insurance and property tax to take into consideration. You also have to be prepared for any type of repair that your home might need and that could come out of the blue.
If you are looking for a deal when it comes to purchasing a home, you can come across them at any moment’s time. There could be a dip in the market and homes might be selling for less than they used to, or the rates could be at an ultimate low. The timing could make all the difference and it is helpful to keep track of what is happening in the market.
First time buyers are often looking for something affordable to enter into the market. Coming up with a down payment can be a challenge in itself, so with a cheaper home, your down payment will be lower, along with your mortgage payments.
As a first time buyer, a smaller start-up home is often the best choice. If you have the skills to fix up some of the smaller issues around the home, you might take that into consideration. Keep reading to find out some of the issues that might arise when buying a fixer-upper.
If you are in a position to consider downsizing to a more affordable home, you will probably make a profit from the difference, especially if you are selling a significantly larger home and purchasing a much smaller one.
If you have finally managed to see your children move out, you are a newly empty nester, this is a good time to downsize. Or even if you are newly retired and you might be spending more time travelling than in your home, moving into something more affordable is going to be easier on your finances.
Lastly, one of the main reasons a less expensive property might be a good choice would be for an investor. The reason being, the property is highly likely to increase in value over time.
Pros of Buying a Cheaper Home
A less expensive home will be easier to purchase and that comes with a list of benefits of being a homeowner.
It gives you a chance to at least enter the real estate market. Having a less expensive home or getting a better deal could be the difference between becoming a homeowner and not.
If you own your own home, the equity you accumulate can be used to later upgrade to a bigger and better home down the road. Once your foot is in the door, you will be able to, over time perhaps make a profit and purchase something nicer in the future.
Cons of Buying a Cheaper Home
It might not be the square footage you were hoping for. You might have to settle for a smaller home as a first-time buyer, or if your budget only allows it.
You may have to go with a different property type.
Often townhouses, condos, or apartments are less expensive than a detached home.
It might be an older home that requires a lot of home repairs or renovations.
It might not be as modern with the latest trims and finishes. It might be further away, in an area with fewer amenities, or a low-income neighbourhood.
The distance might make it harder to travel to local amenities and local transportation may lead to lifestyle compromises.
If You are Thinking of a ‘Fixer-Upper’
If you have the opportunity to get a killer deal on a house, there is always something important to note. You might be getting what you pay for. If you purchase a home with too many repairs to consider, you might be biting off more than you can chew.
Something that can cause further time and money on top of the bills you have from owning a home, is costly home repairs. If you don’t have the knowledge, time, and resources to assess and handle the renovations or repairs needed, a ‘fixer-upper’ home can become a very costly financial burden. The time and money spent on repairs may far outweigh the benefits of buying it cheaper. Worse, the inability to repair things efficiently or on time may lead to the property deteriorating further
Taking that into consideration, it certainly is a deal if you have the capacity to take care of the repairs and renovations yourself, or if you have the means to hire someone.
Buying a home is such a milestone in life and it feels good to know you are a homeowner. If being a homeowner is a dream you have, there might be some ways to achieve your goal sooner. Buying a less expensive property is one way you might be able to achieve your goal sooner.
If you need more help deciding what is best for you and what kind of long-term goals you have for owning a home, contact us today. We have extensive knowledge to guide you in the right direction.