House Dreams

Or, the alternative title to this post could be:  

How I'm About To Make My Life More Complicated

I live in a lovely apartment, with great property management and a friendly building super. I feel rather privileged to have great neighbours above me, H&B, who are quiet and considerate and friendly, but also who keep a keen eye on what's happening around and who care about the building and their neighbours. (It's not unusual for them to call me if they haven't seen my car move in a couple days, to check in. For some this would be off-putting, but I actually really like this aspect of apartment-dwelling. It's like a little community - and though I like living alone, I also like living in community. The two are not necessarily mutually exclusive.)

My apartment has lots of open space and storage, bright windows and a good sized balcony where I've been able to have a nice little patio garden. For the first time ever, I've had a dishwasher, and I love it  (there's no going back to not having one now)! I'm close to the laundry room and I have in-floor heating thanks to the boiler room directly below my apt. (nice in the winter; not so much in the summer). And I'm within a 10 min walking radius of all the amenities I could possibly want, including a 24 Hr Sobeys and Shoppers Drug Mart, a fantastic library and a bank branch.
Life is pretty easy right now.

But you all know I've been dreaming about owning a house of my very own for quite some time. Remember when I found that house in Berwick and went a little nutso for a bit - wanting it, dreaming about living in it, stalking it? Well, I'm sure the new owners are very happy there and I won't begrudge them that.

Anyway...
The last year, though mostly the last 6 months, I've been preparing myself financially for house-buying. I have the down-payment saved, and I've been working at budgeting and following a budget, and trimming said budget to be sure that I can afford a house and all the curveballs a house throws at you. I've been living frugally to see if I can do it. And I've done a little investigating into hosting international students, as a means of helping with a mortgage as well as not living all alone all the time.

Well, I've finally got myself in a position where I'm ready (financially, emotionally) to buy. I think. And now I'm in the process of getting my "ducks in a row" - researching best long-term fixed rates, mortgage pre-approval/s,  meeting with real estate agent/s, etc.
 
I've been reading this book, Homegirl: The Single Woman's Guide to Buying Real Estate in Canada, and feeling pretty good about where I am in the process. Before even reading the book, I can already tick off the recommended "To Do"s to determine if you're ready to buy. And, as luck hard work would have it, I am!

• I've got the down-payment + closing costs
• I've got a pre-approval from the bank
• I've got a budget with room for for added expenses: heat/electricity, water, insurance + savings for emergencies
• I've got an idea of what I'm looking for: must-haves, negotiables, price range and neighbourhoods
• I've got a back-up plan (roommate/international student/s) in case everything in the house falls apart after closing (gotta be prepared for Murphy's Law, right?)
• I've done the research.

One of the most important things I've discovered about this process of buying on my own has been the value of doing my research, and being informed. I know you can never know fully what to expect when buying a house - there are always going to be unknowns, un-planned-fors, and general chaos. But to at least have an inkling of what I'm doing, to know the right questions to ask, to know what everyone around me is talking about, and to know a little of what to expect is important to me.  My personality is like that anyway - I like the "black & white", the rules and procedures. I find comfort in predictability. I'm not adventurous when it comes to big decisions, especially big spending decisions.

Here are a few web-sources I've found useful in my research:
Canadian Mortgage Rates Trends
Mortgage Rates in Canada
TD Bank Mortgage Calculator
Crime Reports in Halifax (ca.2000-2011) / Halifax Regional Police Reports 
Home Buying Closing Costs in Halifax

I've talked with friends who have bought, many of them single-women, for their insights and advice.
I've picked the brain of a friend who is brilliant at budgeting (Thanks J.E.!)

Yep, I'm feelin' ready.