1. Accept that a Condo Might Be a More Practicable Option than a Single-Family Home
A condominium is frequently people’s first real estate purchase. Why? Because it’s a smart financial decision! Indeed, a condo is a great way of familiarizing oneself with life as a homeowner. They are smaller, easier to maintain, and sell well. Moreover, they are usually located with mobility in mind. If the classic hotel-like condo building is not your cup of tea, consider a unit in a triplex or quadruplex. In summary, it’s a good first step on the real estate ladder!
2. Adjust Your Budget to Reflect Reality
It is not uncommon for first-time buyers to exclusively base their real estate purchase decision on the amount they have for their down payment and their monthly mortgage payments. But there are many more expenses that must be taken into account to avoid coming up short!
They must not forget to budget for the welcome tax, municipal taxes, notary fees, moving costs, the cost of new furniture and appliances, future condo fee increases, insurance and electricity costs. In short, it’s best to take the time to sit down and work out all the related expenses before setting a homeownership plan in motion.
3. Look for a Home that Needs Some TLC
Sometimes, listed houses are described as “a DIYer’s dream” or “a great long-term project.” Indeed, such properties are a good way of becoming a homeowner while delaying certain expenses. You could likewise decide to carry out renovations incrementally as the funds to do so become available. For example, you could convert a guest bedroom into a carpentry workshop from which you can carry out improvements over the first few years. Then, after two or three years, you can completely revamp it in turn.
Of course, this is not an ideal scenario for those who are not so handy. The cost of hiring professionals can quickly inflate the budget.
4. Understand that the Neighbourhood Greatly Influences the Price
When hunting for a hidden gem, don’t limit your search to your preferred neighbourhoods. Cast you net wide: great deals may be waiting for you out there and you may find a charming little residence in a location that upon first consideration may not tick all your boxes. Keeping an open mind may get you on the track toward homeownership faster than you expected!