Summary/Takeaways:

• Hit my goal to buy a place before I turned 24 🤠
• Factor in the extra closing costs and if you have the cash for it before buying a property
• Add a factor of 1.3 (Estimated Reno Cost * 1.3) to account for unexpected issues with the renovations or extra things your contractors need
• Paint yourself, you’ll save some money and it’s not too hard (just takes time)
• Buy your furniture and appliances second-hand (Facebook Marketplace, kijiji, etc.) - you’ll save a lot on this.
• Calculate what your carrying costs per month & take note of the opportunity cost. Yes, your home is an investment. But you’ll probably end up spending more per month which means less money for other things in your life (I.e. dining, entertainment, investments in your business/stocks, etc.) → this is your opportunity cost.
• You’re not bound to the home you buy (yes you may pay more on taxes in the long run cause of principal residence stuff), but you can rent your place and leave whenever you want.
• Consider moving to a cheaper part of the world, you’ll save more money, and get some new experiences.

A couple of months ago I made a purchase for my first home (condo in Mississauga). Completely blessed for this opportunity cause it’s been my goal for a VERY long time. Closing (the time when all finances/legal is settled and you get the keys) was end of February, then renovated (Kitchen + Bathrooms) for about a month, and finally moved in around sometime in April.

Motivation for Home Buying:

• My dad’s a real estate agent (sister followed in his steps now too) - so I’ve always been surrounded by the home-buying talks, finances, etc. growing up.
• Had a goal to buy a home before I turned 24 (hit that 🚀)
• Goal was to buy a home before I bought a car (felt like the home investment would be more valuable than putting that money toward a car)
• My ex and her family were huge on real estate (her mom was also a real estate agent). My ex also bought a place when she was 23 and that really pushed me to do it too (bless her soul for the push + encouragement lol)
• Got a good job (Software Engineer @Y Combinator company) so had the means to qualify for a mortgage.