First-Time Home Buyer Series – Step 2: Feeling Stuck? Here’s How to Stretch Your Budget

You’ve pulled together your down payment and you have a clear idea of what you can afford. But what happens when your price range still isn’t landing you the home you hoped for? Good news — you still have options.

Option 1: Change Your Search Area

Location is one of the biggest drivers of price. With remote and hybrid work becoming the norm, many buyers have already traded big-city condos for more space and affordability in the Okanagan and Shuswap. If your lifestyle allows, expanding your search radius can dramatically stretch your budget. Instead of focusing only on Salmon Arm, Vernon, or Kamloops, you may find better value in nearby communities like Enderby, Sorrento, Armstrong, or Chase. These areas often offer more square footage, larger lots, and quieter neighbourhoods without sacrificing access to amenities.

Option 2: Team Up With Someone You Trust

Co-buying is more common than ever. Whether with siblings, parents, friends, or multi-generational family members, buying together allows you to combine income, share maintenance, and split costs. Many government programs and lender policies now support co-ownership more easily than before. Some incentives allow access to funds or equity to build a secondary suite, helping generate rental income or support multi-generational living. Insured mortgage rule changes even allow longer amortizations on new construction with suites, which can lower payments and increase qualification room. Lenders are also increasingly open to creative ownership structures, allowing multiple buyers to combine incomes while customizing ownership percentages. If you explore co-buying, ensure you have a clear co-ownership agreement outlining responsibilities, buyout terms, maintenance expectations, and financial contributions. Clear agreements protect relationships and prevent surprises.

Option 3: Buy the “Ugly” House

Cosmetics are fixable — and often overvalued by other buyers. A home that looks dated online may have excellent fundamentals: solid structure, safe electrical, a good roof, and working mechanicals. Those are the things that matter. Outdated paint, old carpet, and 1970s bathrooms may turn other buyers away, giving you an opportunity to negotiate and build sweat equity over time. If you choose this route, be realistic about your budget, your skill level, and how much renovation you can take on. Cosmetic updates can be fun — full gut jobs require patience, time, and a reliable contractor.

The Bottom Line

If your starter home budget feels tight, you’re not out of options. Expanding your search area, teaming up with others, or choosing a home with renovation potential can open the door to possibilities you may not have considered. These are real strategies buyers in the Shuswap and Okanagan are using every day.

Next Up in the Series

Realtors: Do You Really Need One? (Spoiler: Probably yes.)

Need help running numbers or building a mortgage strategy? I’m here anytime.

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