You’ve officially saved up for a down payment to buy your first home, congratulations! Whether this was done by yourself, with a significant other or in partnership, what do you look for in your first home?
It’s easy to get distracted by the newly renovated homes. You know the ones, they have the flawless wood floors, sparking countertops and bright white baseboards. Can’t you just picture yourself making dinner in that kitchen? Having friends over for hangout nights and hosting family dinners?
The person who flipped that house is making a profit by you picturing your life in that house. And while that may be fine for some people, wouldn’t you rather be the one making the profit verses someone else?
I’m all about climbing that property ladder, but where do you start? Here are 5 tips when looking for your first property ladder home:
1. Plan to live there for 3-5 years. No quick flip. No forever home (notthis one). Depending on your budget, income and how fast your family maygrow, we’re going to renovate over time, paying cash or short term loans.This gives you time to build up equity by not only doing renovations, butalso by your house going up in value with the housing market. When it comesto your mortgage term, we will try to align your term renewal with the endof your renovations.
2. Kitchen’s are where the money is. Remember those houses that you’veseen that have been recently renovated, and how you can picture yourselfcooking in those new modern kitchens? We want to create that feeling forthe person who’s going to buy your house once you’re ready to move up theproperty ladder. Find the ugliest kitchen you can get. Designing your ownkitchen can be one of the most satisfying renovations that you will do, because you get to create it the way you want it (to a point).
3. Bathrooms that are gut jobs. The kitchen might be where the money is,but bathrooms aren’t far behind. Fresh tile and bathroom fixtures will makeyour house standout from the crowd of other houses for sale.
4. Neutral but stylish. Often flippers will go with such a completelyneutral colour pallet that the house is almost a depressing grey. Yes,staying somewhat neutral is important, but character isn’t neutral. Stayingtasteful and within style is also important. I often tell my clients tolook up classic or traditional ideas for kitchens and bathrooms, since thatnever goes out of style. Everyone loves a good subway tile, and even betterif you can do it in a herringbone pattern to give it a wow factor.
5. Wow factors! Strive for every room to have some kind of wow factor.It can be as easy as a different kind of tile pattern, a unique buttasteful art piece, a stylish comforter or an upgraded appliance or showerfeature. And don’t overlook the power that natural light can give you.Windows are often a forgotten wow factor that can raise your homes value.