Are you a first time home buyer? This is an exciting time. You have likely worked hard to save for your down payment and managed your finances sufficiently to qualify for a mortgage. You can check those things off the list! Next comes another very important consideration: where should you buy? The budget for your first home is probably modest, so you need to make sure you optimize your investment to broaden your choices when the time comes to move up. Even when your budget is not extravagant, there are many options available for first time home buyers. One of the big questions is – suburbs or inner city. We recommend you partner with an experienced inner-city Realtor® to help you explore if living in the heart of the city is the right choice for you.
Partner With An Inner-City Realtor® To See If Inner-City Living Is For You
As you begin the search for your first home, there are lots of decisions to be made. Asking yourself some very important questions about your lifestyle, your finances, and your goals and ambitions in the years ahead, and discussing your objectives with your Realtor® will help you narrow your search for the perfect starter home. As you weigh the pros and cons between suburban and inner-city living, consider these benefits of opting for the latter.
You Have Options
Inner-city living is not one specific location or type of home. Even within the parameters of inner city you have many options. Inner-city living includes downtown high-rise apartments, townhomes or rowhouses just outside the corporate core of the city, smaller more affordable bungalows in historic neighbourhoods surrounding the downtown proper, low-rise mid-century condos, urban lofts in converted buildings, and more. Inner-city living does not have to mean cramped dwellings stacked one on top of the other.
Great Lifestyle
One of the biggest benefits of inner-city living is the work-life balance you can find. When you eliminate lengthy, frustrating commutes, suddenly you have more hours in your day to do the things you really enjoy. And when you live downtown, shops, restaurants, cultural events, recreation, and services are all nearby.
Inner-City Homes Can Be Affordable
Homes in the city centre have a reputation for being expensive, and this is true in many circumstances. But there are also very affordable options for first time home buyers looking to get into the real estate market. Two of the biggest factors driving real estate prices are location and space. Inner city is a prime location, but the design of most urban centres allows for high density. Space is a luxury you will pay for in suburban living. An inner-city Realtor® can guide you to homes that are priced right, even in this prime location.
Inner-City Homes Can Save You Money
The price you pay for your first home is one thing, but there are also continued costs associated with home ownership. These can include maintenance, the costs of gas, parking, and car upkeep to get to work and make the 15-minute drive to the grocery store, furnishings for large spaces, landscaping and snow removal costs, and more. When you choose inner-city living, you can actually save hundreds of dollars each month just on transportation alone. Neighbourhoods in the core score high on walkability.
Inner-City Homes Make Great Investment Properties
There are a couple of reasons that inner-city homes make a great investment for first time home buyers.
- Inner-city homes often have higher rates of appreciation. Downtown will always be a coveted place to live. And smaller homes often appreciate at a higher rate than large homes. For first time home buyers, this means that your cozy, little apartment could pay off in big returns when you sell.
- Inner-city homes make great income properties. Let’s face it, your one-bedroom, one-bath apartment is not likely to be ideal for you as you move through each stage of life. Very few people remain in their first home once they begin to earn more, find a partner, and start a family. But that one-bedroom, one-bath apartment in the heart of the city could prove to be a very smart investment as a rental property if you position yourself to hold it, even when you are ready to move up.
Discover more tips for first time home buyers by reading How To Get Started.
Explore current Inner-City Listings here.
Find Your Ideal First Home With An Inner-City Realtor®
Inner-city living can make a lot of sense for first time home buyers. The lifestyle can be ideal for this time in your life, there are options for a variety of home types and locations, and living downtown could actually save you money! When you are ready to begin searching for your first home, partner with a Realtor® who specializes in inner-city living. An inner-city Realtor® will have a comprehensive understanding of the unique communities, demographics, opportunities, and challenges of buying and selling in the inner city. To learn more about the benefits of working with a Calgary inner-city Realtor®, read this article and then connect with the Tanya Eklund team by calling (403) 863-7434 or through our contact form. Let’s find your perfect home together.