6 Tips for Achieving Homeownership in Your Twenties

6 Tips for Achieving Homeownership in Your Twenties

Purchasing a residence or a condominium as a young adult is not impossible; however, one must plan carefully to accomplish this goal.


If you aspire to own property before you turn thirty, you must lay the groundwork! Here is some advice to help you realize your dream without any major hiccups. 

1. Accept that a Condo Might Be a More Practicable Option than a Single-Family Home

A condominium is frequently people’s first real estate purchase. Why? Because it’s a smart financial decision! Indeed, a condo is a great way of familiarizing oneself with life as a homeowner. They are smaller, easier to maintain, and sell well. Moreover, they are usually located with mobility in mind. If the classic hotel-like condo building is not your cup of tea, consider a unit in a triplex or quadruplex. In summary, it’s a good first step on the real estate ladder!


2. Adjust Your Budget to Reflect Reality

It is not uncommon for first-time buyers to exclusively base their real estate purchase decision on the amount they have for their down payment and their monthly mortgage payments. But there are many more expenses that must be taken into account to avoid coming up short!

They must not forget to budget for the welcome tax, municipal taxes, notary fees, moving costs, the cost of new furniture and appliances, future condo fee increases, insurance and electricity costs. In short, it’s best to take the time to sit down and work out all the related expenses before setting a homeownership plan in motion.  


3. Look for a Home that Needs Some TLC

Sometimes, listed houses are described as “a DIYer’s dream” or “a great long-term project.” Indeed, such properties are a good way of becoming a homeowner while delaying certain expenses. You could likewise decide to carry out renovations incrementally as the funds to do so become available. For example, you could convert a guest bedroom into a carpentry workshop from which you can carry out improvements over the first few years. Then, after two or three years, you can completely revamp it in turn.

Of course, this is not an ideal scenario for those who are not so handy. The cost of hiring professionals can quickly inflate the budget.


4. Understand that the Neighbourhood Greatly Influences the Price

When hunting for a hidden gem, don’t limit your search to your preferred neighbourhoods. Cast you net wide: great deals may be waiting for you out there and you may find a charming little residence in a location that upon first consideration may not tick all your boxes. Keeping an open mind may get you on the track toward homeownership faster than you expected!

5. Get the Word Out!

Might you, by any chance, have friends or family members interested in participating in this real estate venture with you? This may be simply as an investor, or even as a roommate. It is equally increasingly common for an extended family to buy a cottage together for shared use. It’s worth thinking about!


6. And Most Importantly, Start Saving Now!

Saving is key! You will have less trouble purchasing real estate if you manage to amass a significant amount. Therefore, whenever you receive a gift of money, your income tax return or a bonus with your paycheque, deposit into your savings account. A separate account titled “HOUSE” in which you make small or large regular contributions will have grown into quite the nest egg after a few years.


It may take more or less time to make your real estate dream come true, depending on the type of property you desire and your ability to put money away. Homeownership can be an exciting and achievable life project if you make the necessary effort. Stay positive! 

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.