Finding The Most Affordable Home

Owning a home is still a dream for many people, and finding an affordable home has been a challenge over the last few years.

Today’s mortgage requirements and down payment needs are making buying difficult even though interest rates are low. New buyers need to come to find compromises and make sacrifices. Here are some things we suggest…


  • The Price is the biggest sacrifice you can make. It is good to consider buying a home that is 20% less than your mortgage person tells you that you can afford. That will have a huge impact on your ability to pay it down each month.
  • Cash In The Bank.  Ok this has a huge positive impact on affordability for you. Force yourself to save a 20% down payment. This immediately means lower monthly payments, lower interest rate, and avoids any private mortgage insurance.
  • The Neighborhood.  With the location and favorite neighborhood you may need to be sacrificed a little. You may be looking to live in Residential Calgary or the wide open spaces of Rural Acreage Living. Maybe we could help you look for a home that is just outside your ideal neighborhood. Located near public transportation with schools (If you have children or are thinking of expanding the family) within a short drive. You want to have easy access to work and recreation, but also stay out of the neighborhoods that cost the most.
  • Home Styles.  This can make a big difference when buying. If you don’t want to compromise on the location, but the single family homes are too much of a financial stretch, maybe consider a condo, townhome, or duplex, but keep your options open. These housing types make finding an affordable home easier, but may still put you in the right location.
  • Square Footage.  This may need some trimming down but remember, a good floor plan can make a home look a lot bigger. Most homes in Calgary are priced on square footage, so a smaller home with a great layout can be really good on price.
  • Move-in Ready. Sometimes it is good to look for homes that need a little TLC, and if you are not afraid of work, why not consider improving the home yourself after move-in. Cosmetic changes are always good because they are the things you can do yourself.
  • More Bedrooms. Try not to buy what you do not really need, buy just what you actually need to live, and look for extra space in a den or maybe in the basement. An undeveloped basement in a home can really bring the price down, but maybe you can develop it when you need to.
  • Outdoor Space: This can greatly enhance your pleasure with your new home, and make it feel a whole lot bigger. Big lots cost more though so consider compromising with a deck or patio without paying the extra price of living on the edge of wooded open space.
  • Preparing the Mortgage info: We try to link you up with Mortgage experts who can really help our clients with more options and advice, and this should be in place before you go looking. If you need help in this area, just ask us.