This weekend my boyfriend and I bought a house. It’s thrilling to make this kind of commitment to each other all the while recognizing all the milestones that come with it. However, I’m not feeling the giddy glow of being a first time home buyer. How do I know? I’m NOT a first time home buyer.

Two and a half years ago at the age of 23 we made our first home purchase. A 2 bed 2 bath condo. We made the decision on a summer afternoon, and chose to take a calculated financial risk. 40 year amortization, 0% down payment. In the two and half years that followed we saved up enough equity to buy our new house. If I had one regret about that experience it would be the condo that we chose but I would not for a second regret the financial decision that we made.

To me this is an important conversation because after the economic crisis I read article after article putting down those of us who chose to go down that road. I’m here to say that for some people it worked. I absolutely agree that there were people out there who went this route and failed but this is my success story. To BF and I real estate is a business and we treated our condo as a stepping stone to get to this house. This house becomes the next stone to the next house. In a market like Victoria this is the only way a young person can perhaps own their dream home one day. House prices will go down with these tighter rules and rising interest rates, but we shouldn’t expect to see a dramatic decrease either.

So what do you think? Good move or idiotic? Part 2 will take a look at the new house and the financial decisions we reached to get it.

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