About to put down a couple hundred thousand dollars on your first home? You may think this entitles you to have your say in what you’re buying. Unfortunately, you’re wrong.
Okay, so it’s not like you need to throw away your life savings to live in a sewer drain (although imagine how much square footage you would get!). Buying your new home doesn’t doom you into committing to something that you hate. However, first time homebuyers in the current market likely aren’t going to get everything on their wish list when they buy.
This can apply to anything from the type of property you purchase, how much your mortgage costs vary, the type of appliances in your kitchen, or even the number of bedrooms you end up with. The fact of the matter is that, unless your budget is unlimited, your wish list may need to lose a few bullet points, and somewhere along the line you’re going to have to give something up.
Look – it’s a harsh reality to face, and you probably don’t want to face it, but the fact of the matter is that you have to eventually.
The dream of purchasing your dream property on the first try is one sold to you by house hunting TV shows and design magazines, but in the real world it just doesn’t work that way. You may expect your first home to be everything you dreamed of, but you may need to make some sacrifices in order to initially get into the market. Really, what’s worse? An older model of the washer and dryer set you wanted, or renting for another year?
Giving up one major thing on your wish list, or even a few smaller things, is not the end of the world. In the end, you really need to think about what matters most to you in a home, and be open to accepting something that isn’t exactly how you pictured it. If you’re looking for the perfect older home with just the right character, but one that is still 100% move-in ready, you better have the funds to back that up, and most of us unfortunately don’t.
In reality, once you’ve found a structure you feel you could live in, you’re basically set. Is it clean, finished, and safe? That’s great! Does it have a nice kitchen and a big master bedroom? That’s a huge bonus! Is it missing the home theatre you thought you couldn’t live without? Maybe! But especially for your first home, it’s honestly a reasonable compromise.
It would be so ideal to end up in your perfect home on the first try, but the current market just can’t accommodate that for everyone. If you want to get into the market at all, it’s definitely beneficial to make some compromises in order to have a more secure living situation for your future.
You also may find that the things you thought you needed aren’t really that important in the long run. Maybe you’re convinced that you absolutely need a finished basement and a detached home.
“Where will I store all of my stuff if I don’t have a finished basement?” you may ask yourself. But caving to the pressure of buying into something you think you need without thinking about it first can be a dangerous thing. You may end up paying thousands and thousands of dollars extra for this finished basement and only ever go down there to do laundry. Meanwhile, all the stuff you thought you needed the space for just sits in storage, and you’ve basically thrown your money down the dirty drain in the corner of that one room you never go into.
You also have to consider that buying a home with an unfinished basement, which you can finish yourself for far less later on, will actually earn you money and add value to your home. Spending less now can earn you more in just a few years.
If your postponing buying because you can’t find everything you want in one space, you’re just letting stubbornness keep you out of the market for that much longer. Ultimately, that’s what’s going to cost you.
Overall, you really need to evaluate your everyday life, figure out what needs you have based on your regular activities, and find something that will accommodate that for you. This will save you money and the hassle of figuring out what to do when you realize you never needed a certain part of your home that is now obsolete. It’s all about understanding the difference between what you want and what you need.
If you’re really struggling to figure out what your wants and needs are, it may be time to call an agent. A real estate agent has the experience to know what features and amenities are really worth the investment. They can help you figure out what to purchase to make sure you get the most out of your money, make the least amount of compromises possible, and purchase something that will earn you money down the line. We’re always here to offer our expertise and advise to make the struggle easier!
The Raymond Yong Real Estate Group has the expertise you need to back up these decisions and make the entire home-buying process easier on you. Give us a call at 416-906-9863 or shoot us an email at [email protected] to get started on finding that (nearly) perfect home for you!
