Our generation of first-time buyer will go well beyond their means to have that $200,000 home. (This used to be an upgrade for many)
And they will do everything to get there... go to max mortgage approval, risk bad credit, borrow from family.. You name it.
But what’s wrong with being OK with an ACTUAL entry level home? You know what I'm talking about...The baba house with only 1 bathroom BUT it has all the bedrooms you need, a SINGLE car garage and new windows.
You cannot (and dare I say, should not) have it all the first time around.
Remember your first car? It likely wasn’t brand new but you loved it and took care of it and were PROUD of it! And best of all you could AFFORD it.
Today's thinking is “buy now, pay later”. We have been crippled into thinking that because we work hard, we deserve bigger and better the first time around.
Think back to the time when people had to have all the money in their chequing account BEFORE buying something😱 (no credit!!!). Now, maybe the 1 bathroom is not something we are willing to comprise on but are we willing to make concessions in other ways... vehicles, clothes, toys, etc. to achieve a higher investment in a home?
The point is... let's do things smarter so we don’t have to “pay” for it later.
Entry level might mean sacrifice, but it is something to be PROUD of because you can afford it.