Single Gals Guide to Home Ownership

It’s time I grow up or at least commit to something and unfortunately my car doesn’t count. So a couple of years back I decided to start looking for a condo. I had been on the fence for so long that I finally signed on the dotted line.

I bought a pre-construction condo in the Queen East part of DT. I like the area, I like my unit and I liked how things just fell into place. It’s not a large space but it’s my space, so what’s not to like?

In all honesty my purchase didn’t really hit me until this year. Sounds weird but I didn’t even blink when I wrote 4 large cheques but now that it’s coming closer to my condo being a reality I finally am feeling it.

I don’t know how many of you ladies have taken this step by yourself and trust me I wouldn’t have thought I would be doing this on my own but I am and I did and I couldn’t be happier.

Here are some things I have learned along the way.

  1. Save – You don’t want to be house poor and if you’re single you definitely don’t want to not have money for a social life. Save all you can so that your mortgage payments are low.
  2. Don’t buy above your means. – See point number 1, you don’t want to be house poor and you still want to go out so don’t buy something you can’t afford.
  3. Make sure you have a plan.                                                                                                                        a)Plan how much you want to spend, where you want to live etc…

This isn’t a new dress or shoes, this is a house or condo in my case, so make sure you love it.

4. Don’t be afraid to talk to people about mortgages, interest rates, ways to save etc…Your friends and family are free and the insights they can provide could save you a lot of time and money.

5.Don’t think you have to have it all done at once. I was stressing myself out thinking I needed to have my place all set when I moved in. This isn’t going to happen and it’s not a big deal. Take things as they come and don’t worry if you’re sitting on pillows for 8 weeks waiting for your new sofa.

Last but not least, enjoy every moment. You have worked really hard to own property, take pride in that and know that you have done something for yourself.

BTW – I know my condo will be delayed and I should find out this month for how long, so wish me luck, I really want to be in by the end of the year.

Queen B

Comments

  1. http://www.facebook.com/independentfinancialadvice says:

    Nice blog. One thing to add is that if you can take a property in to a relationship (one that ends in marriage and kids) you will more than likely have two properties between you as many men try and buy a house as soon as they can. As such this will put you both in a much stronger financial situation moving forward and give you options for your future family.

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