House Hunting

A close friend once told me that the two most stressful things in life are getting married and finding a house. Well, the first one is already behind me. I didn't have to worry about planning a wedding because I married over a third party. Long story. But I never imagined that finding my first home would prove such a trying task in every sense possible - emotionally, mentally, physically. Four months have passed searching for the "perfect home" and we are still nowhere near to finalizing this process. What once began as an exciting task now feels dreadful. Are we being too picky? Stuck on details and not looking at the big picture? Looking in the wrong areas? Underestimating the competition? Underestimating the market?

January, February, and March were months when buying anything in Toronto seemed possible. The economy was at a standstill and naturally nobody dared to sell. Those who had to sell were losing out. We started looking at properties in May: at condos, townhouses, houses. The market slowly picked up in June and July and now it is an unwritten rule that you have to bid at least 10% higher of the asking price in order to get the home you want. 50 showings and 5 bids later, not only did we lose out on affordable properties but we also lost a very good interest rate.

Still, we have hope that our perfect home is somewhere waiting. We won't give up until we find a place where we can raise a family, where our kids will make the first steps, and where we can make great memories. Some words of advice for other first-time buyers that I wish I knew before I let myself into this adventure:

1) There is no such thing as a perfect home. All homes will require renovation to suit your taste and comfort. Expect to invest money.
2) Only buy a condo if that's the lifestyle you enjoy. Otherwise, half of your money will be spent on maintenance.
3) Bid smart. Don't underestimate the competition. If you lose, there is a better home waiting for you.