What to do when you can’t buy the home you want……

So what do you do when you can’t buy what you want or where you want to buy? We see it all the time. People come to us with their hopes, their dreams, their desires, their plans, and despite our best efforts, we can’t get them the amount of money they want for what they want to buy.

Not enough income or too many expenses / debts, is one of the reasons. Or you can say unrealistic expectations. Either way, it sucks. It sucks for them because they got their heart set on something specific that they can’t do at this moment and it sucks for us because I don’t really like delivering bad news.

So what do you do? Where do you go from here? Many people we see will put their plans on hold, put it on the shelves with a reason like “I’m just gonna save up some more money.” or “I’m going to wait until the market comes down.”

Now, that sounds like a good plan, but it often doesn’t work. Time and again we see that the market rises in value. Property prices go up much faster than people can save. As an example, it’s quite possible that a property will go up in value $30,000-$40,000 a year, and now picture your situation, would you be able to save that kind of money in 12 months?

So here are a couple of options as an alternative:

Buy an investment property first. Not a popular choice, but it works. Now you’re in the market, you’re getting tax benefits, you’re getting rental income, and rising property prices will actually work in your favour.
Buy the property that you plan to live in as an investment first. Wait until the mortgages come down or until your affordability increases to the point where it’s comfortable to afford it. This option works particularly well if your current living expenses, rental expenses are very low or if you’re still living with your parents. So there is no rental expense.

Now there are other options available, but I’ll leave it there. If you want to discuss your own situation, give us a call.

Reach out and let us go through it together.