Teaching abroad to fund a home back home
If you're a millennial, you probably know at least one person who taught English in Korea for a while. It's a pretty good deal: housing's usually included, so you get to save more of what you earn while living in another culture.
For Natalie and her husband Wayne, teaching English in Korea together for a year was a wonderful way to see some of the world before they settled down — while building up funds for a down payment. When they came back to Alberta in 2018, they moved in with Natalie's parents while they figured out where to plant roots.
Choosing Alberta for affordability and equity
Natalie works remotely as a customer service coordinator and Wayne's an accountant, so they could have relocated pretty easily. But staying in Alberta felt right. Housing is relatively affordable here, and they were eager to start building equity.
'I had been saving since graduating college in 2012,' Natalie said. 'Not specifically for a down payment, but I knew I would need a nest egg for something!' Natalie and Wayne accelerated their saving while teaching in Korea — both in their year abroad together and an earlier 18-month stint for Natalie.
Getting preapproved and rethinking the budget
It was a seller's market in Alberta, so Natalie knew they'd need to keep their options open to find the right house at the right price. They met with a mortgage broker to get preapproved.
They'd based their initial budget around making a 20% down payment, but their mortgage broker encouraged them to get preapproved for a higher dollar amount and consider using mortgage insurance — which lets you buy with less than 20% down. 'He encouraged us to look at homes in a wider price range, just in case,' Natalie said. 'It was helpful to get that advice and see all our options.'
Sixteen houses, two heartbreaks, and one lucky break
Taking their mortgage broker's advice, they saw 16 houses in about 6 weeks, some outside of the original budget they'd set. They faced disappointment early on when they lost a bidding war to another buyer, but kept going.
After another false start on a home that was purchased out from under them before they could make an official offer, they were pretty discouraged.
But in a surprising twist, the listing agent from the first home reached out to see if they were still interested. A home inspection had shown some problems with the air conditioner, and the initial buyer dropped out. An unreliable air conditioner didn't faze Natalie and Wayne — they just asked for some concessions to cover the cost of repairs.
They might not have considered the house at all if they hadn't been keeping their options open. 'It was over the initial budget we were considering,' Natalie said. 'But that conversation with our mortgage broker made us really consider what we could afford.'
Turning a house into a home
They closed about 30 days after their accepted offer and immediately went about making their first house into a home. A handy friend helped them build a new counter to fill a wasted space in the kitchen. Her dad gifted them with a tomato plant. Their next move? Figuring out the best way to tackle something they never had as renters: a huge yard.
If you're building your own nest egg and want to talk through what you can afford — or what preapproval might open up — it's worth having that conversation early. Your budget might be more flexible than you think.
