Owning a home is a dream and a goal for most of us. But today’s first time homebuyers face numerous challenges in the form of higher prices and government regulation, which makes this dream more difficult and out of reach for some.
So as a potential first time homebuyer, you have to change the way you think and act differently. Here’s how:
Get a renter to help with the mortgage payment.
If you are buying a home, then convert the basement into a suite that can be rented out. If you are buying an apartment, get a 2 bedroom one and rent out the other bedroom. You will have to compromise your privacy, but this is a useful way to get that first home you always wanted.
Lower your expectations.
Instead of a 3-bedroom home in a desired neighborhood, settle for a smaller home in a more affordable neighborhood. Fewer people spend most of their lifetimes in one home. Think about your lifestyle for the next 5-10 years and make a decision based on that.
Share the ownership.
Buying a property with family or friends may be an easy way to get that first home. This is useful if you have friends or relatives who may have that extra cash and are keen on investing with you. You need to ensure that there is a watertight agreement that avoids any future problems when you decide to sell the home or buy out the other party.
Be patient and realistic.
Take your time to furnish or renovate the home. Yes the home may not be exactly what you want, but in time you can slowly make it into what you want it to be. So Don’t immediately jump into a large spend on furniture or start fixing things the way you want the home to look like, do it progressively.
If you cannot buy, then keep saving.
If you are determined to buy a home eventually, don’t let the prices and regulations deter you. Keep saving and putting your money away for the down payment. Eventually you will find that ideal home and your life will be changed forever!
If you have any questions about this blog, or any home-related issues, please contact us and one of our real estate professionals will be glad to help.