The Condo Hunt – Pt 1

26Nov10

So I’ve hit that point in my life where I want to own a lil piece of land. For most people that means a house but in the city of Toronto, unless you have a double income or a really great single income, it means finding 500-600 square feet to call your own. And I want mine.

I’ve been looking for condos on MLS for months now, falling in and out of love many times. After taking a hard look at my budget I came to realize that I’m sitting on that cusp – do I keep renting and save up for a bigger down-payment which could take years? Or do I bite the bullet and sign my life away and start small but mighty?Β  I’ve decided on the latter.

I’ve gone through the usual steps – budgeting, pre-approval – but today is one of the most important. Today I get my feet went and go see some places with my wonderful real estate agent.

Gulp.

You know why I’m so nervous? Because I love reading blogs like Apartment Therapy and Mochatini and I envision my place looking a little something like this:

What I envision my future apartment to look like.

And what I’m afraid of is that I’ll be house-poor for awhile so it’ll look a little like this:

 

This was my apartment 4 years ago when I first moved in. My apartment looks very different now...but this is how I started. Unfashionably ghetto fabulous. πŸ™‚

Don’t get me wrong – I’m ready to par down a little and tighten my belt so I can have a warm and inviting place to welcome friends into. I’m not ashamed of my little bachelor – in fact I think I’ve done some great things in spite of my limited resources – but I’m ready to update my mish-mash of furniture and get things that match. I’m ready to have a spare bed that people can sleep in that is separated from my own bed by a wall versus 4 good inches of air. (Yup it’s that tight…look at the above pic again. That’s my futon. The spare bed goes between the desk and my futon and the coffee table goes on the balcony haha).

Being grown up is scary. And I wonder – how do I know if this is the right decision?
Tell me – how did you come to know a big decision you made like this is right?

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7 Responses to “The Condo Hunt – Pt 1”

  1. Best of luck in your hunt. I’m literally in the same boat but haven’t pulled the Real Estate Agent trigger yet.

    • Hi Justin,

      Let me tell ya – engaging a real estate agent you can trust has been key for me! He was right, until you go past looking on mls and go visit some of the spaces you don’t notice things that might be there. (I.E. you’ll know exactly what is the minimum size of a living room you need, the features that make a unit resellable).

      It’s been eye-opening but of course you need to be ready for it. πŸ™‚ Let us know how your search goes!

      Cheers.

  2. Good for you for taking the real estate plunge! And for a single gal, 600 square feet is perfect! (my first place with my husband was just 400!) I’m sure you’ll find something you love and will totally make it your own. Good luck with the search!

    • Hi Lindsay,

      So good to hear from you! I’ve been living in 400 square feet thus far and let me tell you it will be a joy to add another room to it (currently in a bachelor) and a door. πŸ™‚

      I think for me the most important part is storage – 400 square feet can be sufficient if you have a place for everything (and everything is in its place).

      Thanks for the well-wishes – I will let you know how the search is going! Congrats on the awesome blog btw. I see I have another cool one to add to the blogroll! πŸ™‚

      Cheers.

  3. This is definitely a good move. It may seem like investing in a small place is not worthwhile, but there are lots to benefit from it. The most important thing that you benefit from is that you build up equity. Now you have something that you invest your money into and at some point when you are ready to sell it or rent it out later in life, you will see the fruits of this initial investment.

    I wish you good luck and hope that you find a adequate place where you can start this new found interest in owning a piece of valuable land.

    Cheers!

    • Thanks for the awesome wishes Puleen!

      Hoping I can find something, and of course if I can’t…I’ll just wait it out. Afterall this IS the biggest purchase I’m going to make and it’s an investment. πŸ™‚ Need to be sure.

      Stay tuned!


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