One of the most exciting times in anyone’s life is buying their first one bedroom apartment in Hamilton. It’s scary yet exhilarating at the same time. The world feels like it’s yours, and the pride and freedom owning your own apartment brings makes you feel like you’re finally doing the adulating thing correctly. It isn’t a process you should rush through, though. Finding the perfect apartment takes planning and knowing what you want and need. Below is a quick guide to help you navigate your first time buying an apartment. Follow it diligently, and you’ll walk away with the solace that you made one of the smartest purchases of your life.
Know how much space is needed
Don’t rely solely on price! Your comfort and basic needs are just as important. Thus, it’s vital that you consider how much space you are going to need to live. Consider which rooms and parts of a home are most important to you. For example, if a comfortable, spacious bedroom where you can escape from the day and relax is important consider a floor plan with a bigger bedroom. If you enjoy cooking or want a bigger place to entertain, opt for a floor plan with bigger communal spaces with a smaller bedroom. Think of your needs, wants, and comfortability and use it to gauge how much space you truly need for your one bedroom apartment in Hamilton, ON.
Understanding the budget
You know the space – now know your budget. If you’ve never balanced your budget before now is the perfect time to start. Take into account how much your household earns monthly and use it to gauge how much you can afford on a mortgage. You must also consider what your expenses will cost monthly. Will you be responsible for paying for utilities in your one bedroom apartment in Hamilton, ON? What about garbage pickup, public transit, that sort of thing? Have a ballpark figure of your total expenses monthly and use it to find an apartment that’s within your price range.
Also, be sure to factor how much you will be spending on a down payment. Do not forget about the closing costs, either. Last but not least, know your credit score. It matters because a low credit score can result in paying higher interest rates over the life of your loan. If it’s too low, speak with your lender or mortgage broker to create a plan to raise it.
The most convenient neighbourhoods (for you)
Don’t focus solely on the price of that prospective one bedroom apartment in Hamilton, the size, and how it can all fit into your monthly expenses. The location of where you live is just as important. Moving to a new apartment that’s out of the way of where you work can result in extra expenses such as fuel, public transit, and of course food. This can add up and cause significant strain on your finances. If you are comfortable with adding time and expenses to your daily commute then by all means buy the apartment and enjoy. However, don’t think that you can just, ‘figure it all out later,’ and move into the apartment anyway. It adds unneeded financial and emotional stress that’s ultimately going to decrease your quality of life in your apartment. A major reason behind buying a home is to increase one’s quality of life: this poor decision works against that.
Choose an apartment with good management
Nothing can make your life worse than living in a one bedroom apartment in Hamilton, ON where the management leaves much to be desired. When you find an apartment you want to pursue, start by searching for the property manager/management group on Real Estate Institute of Canada’s Certified Property Manager tool. Also consider asking current tenants and doing a quick Web search to see if there’s anything you should worry about. Should you purchase an apartment if the property manager leaves much to be desired? That’s ultimately up to you. If it makes you hesitate for even a second, keep searching. There’s a one bedroom apartment in Hamilton that’s perfect for you and your financial situation that’s waiting on you – you’ve just got to find it!
