Buying a house when moving to another town/city

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tiffanywelch

Member
Hello all.
I have a question regarding buying a home. My wife and I live in Happy Valley-Goose Bay, NL, and the prices of homes here are really high. We moved here to live with our family in order to save money for a down payment on a home. We are planning on moving back to PEI or another maritime province, where the cost of living is relatively cheap, in the next year or so. What I want to know is, will it be possible to get a mortgage on a house in PEI, for example, while we live here in HVGB? Will we have to live in our new city/town for two years or whatever the recommended time is before we can hope to get a mortgage? We plan on having a 20% down payment and are not opposed to buying it as a rental property first while we continue to live in NL for a little longer - if that would help.

We have never owned a home before; she is a school teacher and I work for non-profit community-based organizations.

So to state it a little more clearly: can you buy your first home in another town/city?

I feel like I already know the answer but figured I'd throw it out there as it's something that's been bugging me lately and I'm having a hard time finding the answer online.
 
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tiffanywelch

Member
tiffanywelch said:
Hello all.
I have a question regarding buying a home. My wife and I live in Happy Valley-Goose Bay, NL, and the prices of homes here are really high. We moved here to live with our family in order to save money for a down payment on a home. We are planning on moving back to PEI or another maritime province, where the cost of living is relatively cheap, in the next year or so. What I want to know is, will it be possible to get a mortgage on a house in PEI, for example, while we live here in HVGB? Will we have to live in our new city/town for two years or whatever the recommended time is before we can hope to get a mortgage? We plan on having a 20% down payment and are not opposed to buying it as a rental property first while we continue to live in NL for a little longer - if that would help.

We have never owned a home before; she is a school teacher and I work for non-profit community-based organizations.

So to state it a little more clearly: can you buy your first home in another town/city?

I feel like I already know the answer but figured I'd throw it out there as soller mallorca it's something that's been bugging me lately and I'm having a hard time finding the answer online.
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Thanks for any help in this regard - greatly appreciated!
 
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Zerli

New Member
You can totally buy your first house in another city without living there. Putting down 20% is a solid move. A lot of lenders are cool with working with you, especially if you’re renting it out first. Just hit up a mortgage broker to see what’s up.

When I moved abroad for work, it was super stressful. I didn’t have time for all the moving stuff, but I hired a crew, and they handled everything, which was a lifesaver. If you’re moving far, check out international moving companies, they make it way easier.
 
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tiffanywelch

Member
Zerli said:
You can totally buy your first house in another city without living there. Putting down 20% is a solid move. A lot of lenders are cool with working with you, especially if you’re renting it out first. Just hit up a mortgage broker to see what’s up.

When I moved abroad for work, it was super stressful. I didn’t have time for all the moving stuff, but I hired a crew, and they handled everything, which was a lifesaver. If you’re moving far, check out https://speedsaleestate.com/, they make it way easier.
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thank you so much for your suggestion
 
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Widergy

New Member
When buying a house in a new town or city, it’s important to get a feel for the area first. I always recommend visiting a few times if you can—different neighborhoods can vary, and it’s nice to know what fits your lifestyle. You’ll also want to check things like local amenities, schools, and transportation options. Websites like axonproperties.ca can be really helpful in finding listings and giving you an idea of the market. It's also worth chatting with a local realtor who knows the area well.
 
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