Edmonton houses for sale under $300,000
Are you looking for the perfect starter home? If you are a first time home buyer and are currently in the market to purchase a home, below are the latest houses for sale in Edmonton for $300,000 or less. Buying a more affordable home may be ideal for you if you want to dip your toes into the real estate market. Many buyers long for simplicity whether that’s through making their first move to a condo or townhouse where there’s less maintenance and little to no landscape work or buying an older single-family home in a mature neighbourhood — these are great steps towards home ownership and often lead to people securing future investment properties.
Houses for sale under $300,000 in Edmonton
Make the next move to finding your starter home
Get help finding the perfect starter home for you or your family with help from a Royal LePage Noralta Real Estate agent. Whether you’re a first time home buyer or budget conscious, together we can explore and tour the houses that meet your criteria. Get in touch with a local real estate expert today!
Frequently asked questions about starter homes
A starter home is often considered to be a property that is:
- Smaller — this could be less than 850 square feet or more
- More affordable from a cost perspective of $300,000 dollars or less
- Has 3 bedrooms or less
Many people who buy their first home consider it their starter home and they are looking for an older, smaller home in a mature neighbourhood or a condominium or townhouse/row housing. Starter homes appeal to students, young professionals, small families, and those who are conscious of their eco footprint. Starter homes are also many people’s forever homes – it depends on their preferences and lifestyle.
The advantages of buying a less expensive home will vary depending on the person, as everyone has different goals, financial circumstances, lifestyle preferences, however there are many commonly shared advantages that are universal to all homeowners. Here are some benefits of purchasing a more affordable home:
- Lower Monthly Mortgage Payments: A cheaper home typically means smaller mortgage payments. This can free up your budget for other financial goals, such as saving for retirement, investing, paying off debt, or travelling.
- Reduced Financial Stress: Smaller mortgage payments can lead to less financial stress, as you are less likely to be stretched thin financially. You can build a more secure financial foundation with a manageable mortgage and you are less impacted by fluctuations in interest rates.
- Easier Qualification: When you buy a less expensive home, you may find it easier to qualify for a mortgage. Lenders often look at your debt-to-income ratio, and a lower-priced home can result in a more favorable ratio.
- Lower Property Taxes: Property taxes are often based on the assessed value of your home. A cheaper home typically means lower property taxes, reducing your ongoing housing costs.
- More Affordable Maintenance: Cheaper homes usually come with lower maintenance costs. You may have fewer repairs and maintenance tasks, saving you money over time.
- Flexibility in Future Investments: By buying a more affordable home, you may have more flexibility to invest in other assets, such as stocks, bonds, or a business, which can potentially yield higher returns.
- Faster Mortgage Payoff: With lower monthly mortgage payments, you may have the ability to make extra payments and pay off your mortgage faster, ultimately saving on interest costs.
- Reduced Risk: A more affordable home can be less risky in the event of unexpected financial challenges, like job loss or medical expenses. You’re less likely to face foreclosure or financial hardship.
- Opportunity to Build Equity: You can build equity in a cheaper home over time. As property values increase and your mortgage balance decreases, you’ll accumulate equity, which can be a valuable asset.
- Financial Freedom: Lower housing costs can provide greater financial freedom and flexibility. You can allocate your money toward other goals, such as travel, education, or pursuing your passions.