Good job! As a first time home buyer you have worked hard, scrimped and saved every shiny dollar to make your dreams of home ownership come true. But, before you jump into the deep end, consider how much home fits into your lifestyle.
Green Thumb Gripes
Green thumb? If you love the idea of mowing grass, pruning bushes, raking fall leaves, weeding and planting fruit, veggies and flowers your lifestyle may be ready for a yard. On the other hand, if you have been known to kill a cactus, yard maintenance should be avoided – or at the very least handled by a strata that will allow you to be hands off.
Fixer Upper Fever
Okay, so there is a great listing you can’t get out of your head. It needs a lot of work to bring it up to snuff, but it’s in the right location and at the right price. Be realistic! Buying a fixer upper means you are going to have to fix it up – this costs money, and likely a whole bunch of it!
Depending on the condition of the home, it may just need some new paint on the walls, some new flooring or upgraded light fixtures or cabinet hardware. Easy enough, for the most part these are realistic home fixes that will not break the bank.
However, don’t be fooled by what you can see, be realistic about what you can’t. First things first, and for any home purchase be sure to get a home inspection. If the home needs major system upgrades, ask yourself if you can you afford the cost of a new roof, gutters, furnace, electrical and plumbing upgrades – and more! If the cost for these essential home systems are not in your immediate budget, you should probably consider something else.
If an active nightlife is what you enjoy, be sure to consider this into your home purchase. If you go out clubbing or pubbing, how will you get home? Is transit nearby? Is the neighbourhood safe to use late night transit systems? Is the weekly cab fare to get home safely going to break the bank?
These may seem inconsequential, but they are not. Be sure you will safely enjoy the lifestyle you love, regardless of where you live.
Jet Setting Globe Trotter
Do you enjoy travel in your current lifestyle? If so, factor this into consideration when buying your first home. Where do you want to go? How often do you want to travel? How much are your future travel plans going to cost? There is no right or wrong answer – just factor in all costs before buying your new home.