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It is getting impossible to buy a home, what do I do?

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Feb 10th, 2020 at 12:19 pm

Daily we hear how the homeless have no place to live, so they live on the street, which is an annoyance to many people.  Yes, there are a thousand reasons why people live on the street, but that does not make them bad people, as some choose the lifestyle, some have no other option, and well, owning a home requires resources.

Many people desire to live in the quaint community of Qualicum Beach, as it still evokes a sense of community, relaxation and provides a peaceful, stress reduced lifestyle. Yet, Qualicum Beach offers so many advantages like location to shopping, ferries, recreation, sport and cultural events. It is notable however, prices for homes are a little more dear than Parksville and even Nanaimo in many instances.

A young family recently tried to purchase a nice, though not extravagant home, so they did some creative thinking, asked family members for help and satisfied most of the requirements put forth by the mortage broker.  However the deal did not materialize because the seller and buyer could not work out a suitable timeline to satisfy the broker requirements.  

For this family, they were frustrated, but also excited because now they know how to proceed to find a suitable home.  Not knowing, or put another way, 'not having your ducks in a row' is detrimental to the home purchase process.  Some helpful steps: pre-qualify the mortgage, have enough money to cover not just the down payment, but costs like home inspection, septic tank and well inspection,  and be prepared for moving costs, repair and modification costs after possession. Ask family and friends for funding, if required and achieveable before shopping. 

Not everyone is in a postion to buy, but setting the goal is a first step.

On a similar but also separate topic:  How do I buy a home today for $800,000 which I could have bought for $600,000 three years ago?  This is a crazy mental step stopping many people from selling or considering stepping up in the market. 

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