Buying your first property can be intimidating, and even more so if you are doing it by yourself. Aside from
Don’t be scared away from bigger properties
While buying a condo will always be your easiest entry into the real estate market, don’t be afraid of considering a larger investment like a house. Depending on your budget and situation, properties like these can be offset by taking on basement or room renters, it just involves a little more time and effort. You can also get money by hosting rooms or sections of your house as an Air B&B. As a rule of thumb bigger homes with ground access hold their value better over time, so always look at your options for making a larger property work.
Never spend what the bank will give you
Though as we mention above, you should consider all of your options, you never want to invest beyond your means. You need to find the number that is your “worst case scenario” then reduce this budget by 10%. If you are single, it usually won’t make a lot of sense for you to be property rich but cash poor. Avoid financial risk and gain flexibility by keeping your budget in a happy medium.
Affordability
Buying a property on your own will always be tough, but hey, you get to keep all of the capital gain on the investment when you eventually sell! Make sure you have a decent downpayment and plenty of emergency cash on hand.
Only get a second bedroom if you plan on using it
Make sure the size of your space matches your needs. If you are planning on buying a condo or townhouse with two bedrooms, plan for your mortgage to go up by quite a bit because of how it places your property within a different class (multi-room living space vs a studio or bachelor/bachelorette pad). Because of this you should have a great reason for justifying that extra cost – maybe an office space, yoga room, crashpad for friends, or even a room for rent.
Locations for singles
You are single, and chances are you are ready to mingle – so make sure that your neighbourhood reflects your current single lifestyle. You’re probably not going to meet your future husband or wife in the suburbs of Chilliwack – nor will you likely want to pay the thousands in taxis to get downtown on the weekends! Though prices for Lower Mainland properties reduce the farther you locate from the Downtown Core, the cost benefit is propably not worth the hit you will take on your lifestyle needs as a single.
