Finding Affordable Real Estate in a Hot Market

Posted by Gurpreet Ghatehora on Tuesday, August 5th, 2014 at 2:57pm.

Finding an affordable home, or an affordable investment property can be a challenge in a major city, especially Edmonton. With a healthy real estate market, affordable real estate may seem like a pipedream – but it doesn’t have to be. Here are a few things you can try to help you locate an affordable property.


Be flexible with your location
Although you may be dreaming about living in a certain neighbourhood, or owning an investment property in a certain area of the city, do yourself a favor and consider everything available. If you are searching for affordable real estate, then the chances are you aren’t in a position to be overly picky. You need to be willing to consider the entire city, from the wonderful neighbourhoods right down to the less desirable ones. If this isn’t something you want to compromise on, then you may want to wait until you’ve built up a larger nest egg.
It’s also a good idea to consider areas just outside the city limits. Small villages and hamlets in rural areas will provide you with additional options at much more affordable prices. You may also find that you get much more house for your dollar. If affordable real estate is your top priority, consider rural properties.


Be open-minded
Consider all housing types. From condos to townhomes, duplexes to single-family abodes, you need to be willing to adapt your concept of ‘home’ when searching for affordable real estate in a fierce market. If you open up your options, you may be able to find the space you need, at the price you want, just in a different format.
It is possible to find affordable real estate in a strong marketplace. Keep your eyes open, be flexible and consider all your options.

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