Have you ever heard of the property ladder? It's the concept that in order to get your dream home, you must get into the market by taking the first step, which is usually buying a smaller property like a 1 bed condo or townhome.
So often I hear first time buyers say they're saving for their DREAM home - a detached property with tons of space and a big yard in the city. What's often missing is the strategy to get there!
My Advice for First Time Buyers
With the GTA's rising house prices (6% avg per year), most people cannot save fast enough to get into their dream home with their first purchase, and you usually need to take a few steps before getting there. â â Your first step could include:â â - Purchasing a smaller property first, like a 1 bed or a studioâ - Purchasing a property in an up and coming area vs the downtown coreâ - Buy with a friend or family member to get into the marketâ â Once you take the first step and purchase a property, you can watch your asset grow, and leverage your return in a few years to get up the ladder, perhaps even shooting right to the top! â â The point is, you must start somewhere. You need to take your first step towards that end goal. â â Are you ready to start climbing? If this resonates with you, let me know below!â
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