I’m 26 and I’m a homeowner (!!!)

As some of you may know, I am about to embark on my trip to Japan tomorrow. And while that is very exciting indeed, I have even more exciting news for anyone who cares about me… I’m going to be a homeowner!

Why is this important?

This is mega important because the housing market in Vancouver has been crazy. It is basically unrealistic to be a homeowner – everyone I know around my age who have moved out of their parents house are renters. For some of them, it’s what they want. For others, it’s only what makes sense financially.

From the beginning, I have always wanted to be a homeowner. That’s because I didn’t see a point in moving out and paying for someone else’s mortgage when I am perfectly content living at home with my parents.

Which brings me to my next point, I don’t know how to adult. I have never really lived on my own so you can assume my cooking and cleaning skills are almost non-existent. My parents have taken care of everything for me – meals, laundry, cleaning the washroom, washing the dishes, fixing the internet – the list goes on and on.

So yes this is important because it is the biggest investment/purchase I will make for a long time and it’s the beginning of a whole new lifestyle/life stage for me.

How did this happen?

My boyfriend and I thought it would be a good time to start looking at places because the market was changing. I don’t think either of us thought we would progress to the bidding stage so fast, but we found a good opportunity for a new 2 bed 2 bath condo and so we jumped on it.

In the last month, I have learned so much about how to buy a home. Everything from getting pre-approved for a mortgage and finding a realtor to signing a bid and accepting an offer. Just for context, I didn’t even know what a bank draft was until last week so I really am unfamiliar with how everything works. It has been a chaotic month full of learning.

Ok but how can you afford this?? You eat out like all the time?

Even though the market is looking better for buyers, buying a home is still a very big purchase. Aside from finding a good opportunity, I think there are 2 big reasons why I can afford being a homeowner:

1. I’m a DINK – dual income, no kids.
2. BoMaD – bank of mom and dad.

#2 is vital so be nice to your parents, kids. Not only are our parents helping us with the down payment (which is more than the usual 20% due to the seller’s particular situation), my parents have guided us through the entire process. After all this, I think I’m going to suggest my mom to become a realtor because she did so much work for us. She was constantly sending us listings, giving us updates on which listings were sold for how much or newly added, and even coming with us to open houses.

I’m sure we could’ve still afforded a home without the BoMaD, but the place wouldn’t be as new or as big as we want. Also, our mortgage would be bigger so we would be paying more interest over a longer period of time.

I’m no financial advisor but if your goal is to become a homeowner, I recommend getting one and setting up a financial plan together. There are a lot of different ways to save or invest your money for growth, and a lot of different ways to set up your accounts so that it’s automated and you’re left with what you can spend.

Now what?

Now I’m slowly going to starve to death.

Jk. Kinda.

To be frank, I am afraid of many things. I am afraid of all the changes that will come my way. I’m stressed about planning and making my own meals, keeping my place clean and paying more bills than ever before. I’m not looking forward to pay for furniture, assemble furniture or move furniture (but my pinterest is lit right now for interior inspo). I am worried that maybe my boyfriend will come to his senses and one day wake up and say, “I don’t want to live with this monster!”

I feel all these negative things, but I also feel a lot of positive vibes like excitement and proudness.

I am excited to become a homeowner. I am proud of myself and my boyfriend for what we were able to save up, for being able to afford a mortgage at 26 years old. I am extremely grateful to our parents for all the support they have given us in this process. I feel lucky to have someone who wants to live with me and is down to invest their hard-earned money in our relationship.

It is an exciting point in my life and I look forward to sharing this life experience with my readers. Hopefully you will all be ok with my whines and stupidity as I enter a new chapter in my life.

Japan might be my last vacation for the next 25 years but y’all can come visit. Just BYOC – bring your own chair.

Sincerely, Loewe