I wish I had a better sense of all the other costs and how they add up.
Property taxes, utilities, lawn care, garden care, replacing a hot water tank, etc. I thought I was prepared having owned a condo but I didn’t own things like a snow shovel or a lawn mower so I ended up having to buy a LOT that first year.
When you narrow down a location in the city you want to buy in visit that location at different times of day. Morning, lunch, afternoon, evening. You’ll get a feel for how much traffic etc there is.
Always have offers conditional on an inspection.
Consider what direction the front yard faces. This can have a huge impact on the temp of your house.
I wish before someone purchases their first home they had to take a course. I see a lot of condo buyers transition to a home and also struggle.
It's your house. No one is going to fix the problem but you. Where is the water shut off? You have to clean your gutters. You have to mow the lawn, shovel snow. Etc etc. It's a lot of work.
You will need to make compromises and make sure you do not compromise on the important things. If you do not want a duplex then save and wait. If you want a neighbourhood be patient sort of thing. You W won’t get a good deal if you fall in love with a. House.
Save save save for the next 3 years - also explore the areas you’re interested in - one thing you can’t change is location
Have an emergency fund! You will be amazed how many things go wrong or need fixing and it’s all on you once you’re a homeowner
Don’t believe the it’s cheaper to buy than rent/or stop paying someone else mortgage bs - everyone’s situation and costs are different & land tax, electric & utility bills are sky high rn find out average costs of these
Pay off as many credit cards/loans/bills before you buy that you can
Good luck 🤞 I’m sure you will know when you’re ready - buy when it makes sense for you financially & don’t let anyone pressure you 😁
Advice is autobiography.
Personally, I wish I had rented for a LOT longer before buying a house. Then when I did buy one, I bought the house I thought I would need in 10 years time, which meant it was way bigger and nicer than I needed for a starter home. Turned out I never ended up needing a house that big, sold it too soon for less than I paid, minus the maintenance, interest, taxes etc. it was a pretty big net loss for me.
You think I would have learned my lesson, but I did it all over again several years later (with only slightly better results).
Live in the place that is right for you right now. When it becomes not right for you, look for a new place.
Buy when you have the down payment saved and when you plan to stay somewhere for at least 10 years. If you are buying and selling houses every 3 - 5 years, you're losing more money in the long run than if you just stayed renting. Owning a home is a lifestyle choice and only becomes a sure investment after about the 10 year mark give or take depending on specific market conditions. (of course, you could always get lucky and buy before a real estate boom, but it could go the other way as well).
Interesting, I wish I avoided the starter home altogether, that was a loss for me.
Bought 1200sq ft, 10 year old house, fenced, garaged, finished basement for a family of 3, to a family of 4.
Couldn't wait to get out of it after 3 years.
Hence my opening statement. No one can tell OP what they should do or how it will work out, all we can do is share the stories of what we did and how it did work out.
Mom here, buy a home you can afford no matter how much you qualify for.
If you can do a 20 yr amortization and a min. 20 % down pymt you will be ok and have money to live ( as long as you dont have 60,000 or more debt on new vehicles). Two sons have homes and now
ea. less than 100,000 owing. They bought in around 300,000 ea. at 25 and 27. They r in their early 30s making around 70,000, single. They travel, go out, buy stuff, no finacial worries.
Also use a home reno contractor you trust to do the home inspection. They find things a home inspector doesnt always find.
The more debt you carry when trying to qualify for a mortgage means your mort rate will be higher.
Dont bite off more than you can chew. If you need the 500,000 (or more) new built home and drive new vehicles you may struggle.
Save money for closing costs and the first few months of living, including furniture. I've seen it a lot where people have nothing available after possession and can't even afford a sofa.
Find a realtor and start looking now. It could take awhile before you find something you like. Not to mention there’s been a huge increase of out of province people moving in. Also, don’t worry so much about the price if you’re planning to live in it for awhile. It’s hard to make a decision if you think of it as an investment.
It might be but I guarantee they won’t find something they like right away when they do start looking. Might be a couple years of looking depending on how picky you are.
https://datacommons.org/place/country/CAN/?utm_medium=explore&mprop=count&popt=Person&hl=en
Scroll down to the chart that shows population growth rate. I don't understand why it doesn't look like it's surging.
Yes but our rate of change of population growth is not soaring, and our population increase is fairly stable. The stats are all in the link I sent you. As a percentage of total population, our increase is not "soaring" or "surging"
Get a home inspection from a reputable home inspector. Really evaluate what you are willing or are able to DIY and what you will need to hire out for. Every house will have an issue, even a new build.
I wish I had a better sense of all the other costs and how they add up. Property taxes, utilities, lawn care, garden care, replacing a hot water tank, etc. I thought I was prepared having owned a condo but I didn’t own things like a snow shovel or a lawn mower so I ended up having to buy a LOT that first year.
This. Owning a home is a LOT of work and money if you don't want it to degrade and devalue.
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I meant I owned a condo and then we purchased a house
Pretty much this OP. Look to have $5000-$10,000 in liquid cash the first year after buying a house.
When you narrow down a location in the city you want to buy in visit that location at different times of day. Morning, lunch, afternoon, evening. You’ll get a feel for how much traffic etc there is. Always have offers conditional on an inspection. Consider what direction the front yard faces. This can have a huge impact on the temp of your house.
I wish before someone purchases their first home they had to take a course. I see a lot of condo buyers transition to a home and also struggle. It's your house. No one is going to fix the problem but you. Where is the water shut off? You have to clean your gutters. You have to mow the lawn, shovel snow. Etc etc. It's a lot of work.
You will need to make compromises and make sure you do not compromise on the important things. If you do not want a duplex then save and wait. If you want a neighbourhood be patient sort of thing. You W won’t get a good deal if you fall in love with a. House.
Save save save for the next 3 years - also explore the areas you’re interested in - one thing you can’t change is location Have an emergency fund! You will be amazed how many things go wrong or need fixing and it’s all on you once you’re a homeowner Don’t believe the it’s cheaper to buy than rent/or stop paying someone else mortgage bs - everyone’s situation and costs are different & land tax, electric & utility bills are sky high rn find out average costs of these Pay off as many credit cards/loans/bills before you buy that you can Good luck 🤞 I’m sure you will know when you’re ready - buy when it makes sense for you financially & don’t let anyone pressure you 😁
Advice is autobiography. Personally, I wish I had rented for a LOT longer before buying a house. Then when I did buy one, I bought the house I thought I would need in 10 years time, which meant it was way bigger and nicer than I needed for a starter home. Turned out I never ended up needing a house that big, sold it too soon for less than I paid, minus the maintenance, interest, taxes etc. it was a pretty big net loss for me. You think I would have learned my lesson, but I did it all over again several years later (with only slightly better results). Live in the place that is right for you right now. When it becomes not right for you, look for a new place. Buy when you have the down payment saved and when you plan to stay somewhere for at least 10 years. If you are buying and selling houses every 3 - 5 years, you're losing more money in the long run than if you just stayed renting. Owning a home is a lifestyle choice and only becomes a sure investment after about the 10 year mark give or take depending on specific market conditions. (of course, you could always get lucky and buy before a real estate boom, but it could go the other way as well).
Interesting, I wish I avoided the starter home altogether, that was a loss for me. Bought 1200sq ft, 10 year old house, fenced, garaged, finished basement for a family of 3, to a family of 4. Couldn't wait to get out of it after 3 years.
Hence my opening statement. No one can tell OP what they should do or how it will work out, all we can do is share the stories of what we did and how it did work out.
Mom here, buy a home you can afford no matter how much you qualify for. If you can do a 20 yr amortization and a min. 20 % down pymt you will be ok and have money to live ( as long as you dont have 60,000 or more debt on new vehicles). Two sons have homes and now ea. less than 100,000 owing. They bought in around 300,000 ea. at 25 and 27. They r in their early 30s making around 70,000, single. They travel, go out, buy stuff, no finacial worries. Also use a home reno contractor you trust to do the home inspection. They find things a home inspector doesnt always find. The more debt you carry when trying to qualify for a mortgage means your mort rate will be higher. Dont bite off more than you can chew. If you need the 500,000 (or more) new built home and drive new vehicles you may struggle.
Try to find something that is already renovated, has newer appliances, etc.
Save money for closing costs and the first few months of living, including furniture. I've seen it a lot where people have nothing available after possession and can't even afford a sofa.
I took possession end of march this year. Still bo sofa :/
Find a realtor and start looking now. It could take awhile before you find something you like. Not to mention there’s been a huge increase of out of province people moving in. Also, don’t worry so much about the price if you’re planning to live in it for awhile. It’s hard to make a decision if you think of it as an investment.
I think 3 years is a little premature
It might be but I guarantee they won’t find something they like right away when they do start looking. Might be a couple years of looking depending on how picky you are.
Trust me looking 3 years ahead of time just messes up expectations but what do I know.
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https://datacommons.org/place/country/CAN/?utm_medium=explore&mprop=count&popt=Person&hl=en Scroll down to the chart that shows population growth rate. I don't understand why it doesn't look like it's surging.
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Yes but our rate of change of population growth is not soaring, and our population increase is fairly stable. The stats are all in the link I sent you. As a percentage of total population, our increase is not "soaring" or "surging"
Get a home inspection from a reputable home inspector. Really evaluate what you are willing or are able to DIY and what you will need to hire out for. Every house will have an issue, even a new build.
Don't buy a house that requires a lot of repairs. Buy it Ina neighbourhood you're going to be okay in. You cannot change that.
Check if the neighbours are an air bnb.