Rent vs Buy
(January 03, 2017)
Did you know that the house like the one you are renting for $800 / month could possibly be purchased for as little as $600 / month?
The Creston Valley area has a severe shortage of available rental homes, and has for awhile. With the current market conditions, this is unlikely to change anytime soon.
I know there are a number of different reasons that people rent instead of buy. Some of those renters probably could purchase a place, but don't think they would qualify for a mortgage, or are close to qualifying and with a few minor tweaks to their financial situation, they could buy their own home and get away from the rental nightmare.
There are people whose entire job is to help people resolve problems like these, and many are available to help at no cost to you!
As you can see from this MLS search, there are currently some decent options available in the Creston valley for $250,000 or less. Those search results are constantly updated, feel free to bookmark that page for future searches or click the link on that page for email updates.
Canadian mortgage rules currently require a minimum of 5% down payment for qualified first time home buyers. There are some rules where that money can come from, but it doesn't necessarily have to be money in your bank account. For example, the BC Government recently announced that as of the middle of January, 2017, they will match the available down payment of first time home buyers with a 20 year loan that has no interest or payments required for the first 5 years.
I ran some quick numbers through a Canadian online mortgage calculator (results are approximate and subject to change). A $250,000 home would require a $12,500 down payment, and would result in payments around $1000 / month. A $150,000 home would need $7500 down, with monthly payments around $600 / month!
If you want to find out if buying a home may be an option for you, I can put you in contact with mortgage brokers and financial planners, or help you apply for the BC Government loan. I can provide you with more information about any of the homes for sale in this area, and can set up an appointment for you to view it in person. I can be reached by phone, email, text, or on Facebook, just follow the links on this page.