We all have an idea of what our dream home looks like, or at least we’ve seen a picture of it on a luxury instagram page. But for first time home buyers, that dream might be far from reach, for most of us at least. So you’ve finished school, got a job, and found a partner with whom you’d like to begin your life with and now you’re ready to move out of the nest. So how do you plan buying your new home? Where do you want to live? How long do you plan on living here? This is only your first home after all.
As a first time home buyer you should give these questions some serious thought, as your first home will likely not be your last. Most first time buyers usually live in their first home for around 5 years before they decide it’s time for a change, usually because your family is growing and now other factors are to be taken in consideration ex, kids, new job, etc.
Most buyers will look to get a mortgage to purchase the property, live in it for a good few years and then decide that an upgrade is ideal. Buyers looking to buy in Brampton for their first purchase should always consider their options. The smart investment move would be to buy a home, build equity in the home and then sell and relocate. Unlike Mississauga, new home construction in Brampton is thriving at the moment due to builders taking advantage of available land space and building further north. The common misconception about new homes is that they’re cheaper than resale, but home prices in 2015 say otherwise. A brand new detached home in Brampton can run upwards $550,000… which can be overwhelming for many young professionals looking to enter the market. You as a new buyer should consider your first home as a temporary living space, so you should look at all your needs and wants. Resale semi-detached homes can be found in some pockets of Brampton for under $480,000, homes that might need some work and also homes that have been upgraded and well maintained by their owners.
The millennial generation is known to be willing to pay more for a product if the quality and design look better than something of less value, which isn’t technically a bad thing, but as a temporary living option, we would advise you to pick a house that might need a little work and live in the home for it’s equity rather than cosmetic appeal.
With the help of a knowledgeable real estate agent, they should be able to find these homes for you and advise you on what might be nee to be done on the home, so you don’t have to completely sacrifice all your needs for the next few years. The name of the game should be to save money now, build your home equity, and then really buy your realistic dream home in the near future. The name of the game should be to save money now, build your home equity, and then really buy your realistic dream home in the near future.
If you would like to begin your home search and you’re ready to buy your starter home, contact us at mybramptonlife so that we may do a needs analysis and figure out the right plan for you.