So You Are A Beginner To Home Ownership
So you’ve taken the leap and are now seriously looking into owning your first home. Congratulations! This is an exciting time in anyone’s life and begins the journey of building equity in a property as well as the added responsibilities that comes along with owning a home.
Home ownership provides an unparalleled amount of freedom, but it can also be expensive. It can also be tricky to know what you really want in a forever home.
Consider The Costs
Versus renting, owning a home typically means that there are more utilities you have to pay for, which can add up every month. Electricity, gas, water, and more can be expensive in a house. With typically more square footage than what you would get if you were renting an apartment or townhouse, these costs can be quite a bit higher. Heating a 2500 square foot house throughout our cold Canadian winters can add up.
Maintaining a home can also be expensive if you need additional help like cleaners, or people to shovel your snow or mow your lawn. Consider that with homeownership, more time and money has to be invested in its upkeep whereas with renting, some of the maintenance costs are taken care of by your landlord.
Putting a sizable down payment on your home can help reduce monthly interest, which can help you manage your payments and trim down your long-term expenses.
With first-time home owners, it’s essential to recognize the costs. Lay out how much you bring in versus how much goes out every month to get a better idea on what kind of property you can afford. The last thing you want to feel as a homeowner in your new dream home is stress.
Choose The Right Home
The right home balances aesthetics and warmth, in an ideal location, close to the resources and amenities that you use the most often. Having your dream home 2 hours away from where you work is often a deal-breaker so it’s key that you balance all of these components so that your quality of life isn’t compromised as a result of any one thing.
Your ideal home should also be in-line with the types of furnishings that you have that you will be moving in with. As a first-time home buyer, initially, your home may lack some of these furnishings, but over time you can incrementally add these pieces to help liven up your surroundings and make it feel more “home-y.” Finding an area that speaks to you is also key as you may or may want to raise a family in the future.
Your Guide In Home Ownership
As we mentioned, buying a home for the first time is a complicated process, and there is a lot to keep in mind. Having someone by your side, helping you through the process is critical in helping you determine the best fit for you, so that you can live happier knowing that you made the right market choice.
At LIFE, our real estate professionals work with you through the buying process, helping you establish your goals and finding a way for you to balance price with what it is you truly want out of your home.
We’d love to help. Find out how by clicking here: lifereg.ca/contact/