I’ve heard alot about ‘Millenials’ in the media for a few years now. Do I know exactly what this means or is it a term used as a catch-all for anyone under 30 who has for the past 10 years been using a cellphone as a one-stop be-all and end-all for their life? Well, guess what, that’s mostly everyone now. But what I do know is that a cellphone will give you much information, knowledge, tips, how-to’s, and even videos of what a young person needs to know when looking to purchase their first home or condo. Particularly during a persons first purchase the feeling of being overwhelmed just by the thought of a large mortgage and the responsibility that goes with that can be immense. So I get why younger people are looking to get as much information as they can from the many sources which are literally right at their fingertips. Below is why I sarcastically say it’s time for ‘Millenials’ as theyre known in the media – not my words – to “step up to the plate!”.
From my perspective, there’s going to be a wakeup call for many young people after they do purchase a home. What I ask first time homebuyers during an inspection how handy he or she may be, or if they have some basic tools, the response has been underwhelming. And it concerns me in this regard because owning a home can be and is ‘Work’ (ugh!). And depending on their financial situation – repairs, upgrades and maintenance can quickly blow a limited budget. It’s easy to google all the things these first-timers are going to need to know about maintaining a home, it’s also easy to call someone to make repairs, and it’s even easier just to go buy something new as a replacement for whatever the issue may be. But, in many cases, the budget we live on after paying our mortgage and taxes just isn’t going to stretch this far in all cases. And that’s the time when this younger generation is just going to have to get down beneath that kitchen sink, or start taking the bathroom cabinet apart, or replacing a toilet or a door, or whatever it is. At some point, knowing we’re all feeling the pinch of home-ownership in Toronto, you’re just going to have to get some dirt on your hands and elbows and save some money on repairs. If you do this, trust me, you can save thousands of dollars over the time you own a home. My advice is try it at first on your own. Then Google for help you ‘Millenials’!