Starting the Journey of Home Ownership

iStock_000000449579XSmall-300x199I’ve been kicking around the idea of buying a condo for the last few years, and am now really starting to look into it. While I don’t expect to buy a condo this year, I’m solidly down the path of being financially where I need to be. Over the remainder of the year, I’m going to do more research into the local market, and start educating myself on all things homeownership-ish.

What held me back over the last year was school — aside from the financial impact, the stress of home ownership on top of a full time course load, on top of a full time job, would have probably been too much. But, with school now done — its time to start getting more serious about it.

I’ve been talking with friends who have mortgages, and it looks like for my downpayment (about 40k at this time), and my income, I should be able to get around $300k in total for a home. Now, this sounds like a lot… But, with me wanting to live downtown (and I mean downtown, as in a few blocks from office buildings), it will buy just barley a 1 bedroom condo.

I could always go outside of downtown, but that means more commuting, and a bit of a shift in lifestyle. I’ve spent the last four years living downtown, and love it — the proximity to everything is amazing, there is always something to do, and the lifestyle in itself is great.  This is something I don’t want to give up… at least, not at this point.

I figure over the next few months I’ll start attending open houses, and start watching the MLS a bit closer. All of this, will be small steps towards owning my own place. Also at the same time, I’ll redouble my effort in saving money — so far, I’m doing pretty well, but I could do better.

Until then, I’ll keep contributing to my RSP’s and savings account, for when I’m ready to pull the trigger.

The last thing running around my head, is career wise and if I’m ready to jump ship to something else. I have a pretty solid job right now, but I’m going to have to make a move sooner or later, and I’d prefer to do so without a mortgage looming over my head.

Has anyone gone down the home-ownership route? Share your tips and suggestions in the comments below.