Meet Stephen and Branden, a DIY-loving couple from Edmonton, Alberta, who took the plunge into homeownership in 2021 when they built their dream home.  With a passion for renovations and hands-on projects, they’ve experienced firsthand how much financial literacy impacts every stage of homeownership. From prioritizing their wish list to tackling some projects on their own to save on labour costs, they’re sharing the most important homeownership lessons they’ve learned along the way. 

Understanding the Financial Realities of Homeownership

Stephen and Branden quickly discovered the many hidden costs that come with owning a home. Maintenance costs - like unexpected repairs and ever-increasing property taxes - can put a serious dent in a homeowner’s budget. Plus, Edmonton’s long, cold winters often mean higher heating bills. Needless to say, the financial demands of homeownership were a wake-up call. Stephen and Branden emphasize the importance of having a reserve fund to prepare for these unexpected costs and make homeownership less stressful.

Adapting Their Financial Perspective

Owning a home changed Stephen and Branden’s approach to finances. They have come to value financial flexibility, focusing on saving for the unexpected so they can handle surprises with ease. This new perspective helps them manage both their current home and future renovation goals, encouraging them to prioritize their wish list and save where possible.

Embracing Imperfection in the Building Process

Building their dream home was a memorable journey, but it didn’t come without its challenges. Stephen and Branden realized early on that not everything would go as planned. They learned patience and resilience in the face of unexpected delays and decisions. Their journey taught them that sometimes it’s okay to leave some boxes unchecked and focus on what’s achievable within a realistic budget and timeline.

The Surprising Costs of Home Renovations

For Stephen and Branden, the high cost of renovations—especially labour—was an eye-opener. To save money, they embraced a DIY approach for as many projects as possible, only hiring help when absolutely necessary. This allowed them to allocate their budget strategically while leaving room for personal projects, like their upcoming goal of transforming their “dumping zone” into a welcoming guest bedroom.

Throughout their homebuilding and renovation journey, Stephen and Branden have learned countless lessons about budgeting, prioritizing projects, and preparing for the unexpected. Their story shows how financial preparedness is essential not only for building a home, but also for maintaining it over the years. By tackling DIY projects and focusing on essentials, they’ve crafted a home that reflects both their personalities and their budgetary goals.

Stephen and Branden hope to encourage others to approach homeownership with confidence and realistic expectations. Their experience highlights how understanding the financial side of homeownership—from utility costs to renovations—can empower people to turn their dream homes into reality.