Of all the unpredictable things that came with the pandemic, no one foresaw the skyrocketing of the housing market.

 

What with working from home becoming the new normal, and most people suddenly realising "hey, I can FINALLY do that side hustle from home" - combined with breakdown in the global logistics chain - bigger space suddenly became a necessity.

 

And so, the bidding wars were born. With homes being sold for over $300k their asking price, even as millennials and Ist-gen immigrants like us saw our dreams of home ownership seem to shimmy farther, and farther away.

 

*gasps in broke horror

 

It is against the backdrop of all this that if you were fortunate enough to find a home in the midst of all that confusion, you had to have more than the usual congratulations to be given to you.

 

Which was my experience last year, as I got my first home, thank God. (Yaay to space for tiktok dance challenges!)

 

Like any first-time homeowner, I teetered for a while between cloud 7 - 9, hovering between disbelief and feverish excitement.

 

Well... all of that soon paved way to the reality of home-ownership which nobody, I mean, NOBODY, whispered to me.

 

So for aspiring or about to be first-time home-owners, here's a quick list of 5 things to get you ready for crossing the scary great divide:

 

1. Hello Superintendent!

You know how in an apartment the toilet gets clogged, you call the Super? The door gets jammed, call the Super?? Even a cockroach had the guts to invade your space, call the Super??

 

Honeyyyyy. Reality check when you get your own home is, YOU ARE THE SUPERRRRRR. You're the Manager, the 'Authorities', the plumber/carpenter/snowman/resident handy-person.

 

I mean, unless you have thousands in your trust-fund (hello rich people) to expend on service persons coming to fix every little things, YouTube will probably be the first best-friend you make as a home-owner.

 

2. The bread and water life baby

If you still have coins left in that trustfund we talked about, you may skip this one. If you're like me, and literally emptied alllllll your coffers for the down payment, tighten your belts baby.

 

For the next couple months (maybe a year even), you'll find yourself politely saying no to those expensive nights out, and hogging your slice of bread with fizzy tap water, while you begin to build back financially from scratch, and recover from that huge chunk of finance having left a hole in your pocket (and your heart).

 

3. Bills bills bills

Since becoming a homeowner, this Destiny's Child's hits 90s song has taken a new meaning for me.

 

I mean... they just keep coming. Absolutely Unstoppable. (Just like SIA'S Porche with no brakes)

 

And just when you heave a sigh of relief that finally, they're all done for this month, the next cycle commences immediately.

 

(Oh shoot!)

 

The bills that come with home ownership are quite significant, especially if you formerly had a low-scale apartmentesque arrangement. They're not insurmountable, you just have to be ready for and plan around them.

 

4. Variable rates are not loyal

True enough, you could get a 'sweeter' deal if you got a variable rate for your mortgage. However, be sure to survey the market. Ask pertinent questions, talk to a finance person maybe and weigh the costs/risks of any increases in interests rates. Compare rates from different lenders.

Be sure you factor in any possible/foreseeable local/global events that may affect the economy.

(Like Putin, and his fragile ego)

 

Because when you find yourself in the middle of a global inflation crisis as we are now, and those interest rates start to climb, the deal tastes a little more sourly in the mouth, and it begins to look as if your village people are out to get you.

 

(Ask your Nigerian friend what that means)

 

5. It gets better (and is totally worth it)

If you don't have a first-time homeowners support group, you should totally join one.

 

(Jk, Jk!)

 

Jokes aside, it helped speaking with colleagues and friends who had gone through the same process and assured me it gets easier. True enough, today feels better than yesterday, and that, even better than the day before.

 

A wise friend once told me to not see home ownership and its attendant financial commitments as "a cost', but more as an investment. You're building equity (whatever that means); every dime being plugged into the home is an investment, which will appreciate over the years.

 

So even when it feels a tad bit overwhelming, remember it does get better, and it IS an investment.

 

[Note to self]

 

There, I've said it all. Wishing you all the best in homeownership, and now, back to hogging my bread and water.

 

(Jk!)

 

Paz,

 

Meg.

Photo-Credit: Cover collage created from pictures by Jimmy Dean and Tierra Mallorca on www.unsplash.com