There are two ways to look at the prospect of buying a home. On the one hand, you have those people who would tell you that you should go after the place of your dreams. Buy the square footage and get the right furniture for it, and don’t forget a garden. However, a more down-to-Earth generation has emerged, mostly squeezed by rent prices, and agreeing to buy accommodation so it can reduce living expenses. These are no joke especially when you consider rent pricing – soaring and soaring, mercilessly gentrifying entire areas. Yet, the good news is that, if you are smart – and most importantly – if you start early, you have an actual chance to buy a home that may not be how you imagined it, but it could be an important step in upward mobility and scalability.
Saving on Rent – That’s the Priority
Wherever you stand on homeownership, whatever you want to do, reducing the rent – you must agree is a very smart thing to do. But how can you get to the point where you are actually done with the rent? Well, there are many ways people do it. Today, it’s very easy to find a job remotely – although not everyone can actually do it. Some people go into specific trades because they want to fetch a better paycheck, so you would end up with a lot of stockbrokers putting in 160 working hours a week to make that reality necessarily have the best-paying job to actually enjoy homeownership. In fact, your priority should be saving from rent money. Here are several tips how to do this:
- Try to move with relatives if and where possible
- Share accommodation with friends or responsible adults
- Scale back on domestic expenses
- Make sure to learn how to cook and economize food
All of these tips of advice may seem a little too restrictive. The truth is there are a lot of wasteful habits we pick. We choose apartments that are too big, spacious, and, ultimately, expensive to live in. We don’t want to share rooms with others, and generally don’t feel like cooking, because life’s too hard. However, that’s all a mindset. You can start saving on your rent, by finding cheaper accommodating from a good landlord. While luxury won’t be a key focus, the fact that you can save from your living expenses is already a huge plus to your bottom line.
Don’t Try to But It All at Once
Just think about buying property as you think about making any other type of investment. Even if you were to play at online Canadian casinos, you probably wouldn’t start by investing your entire bankroll. No, you will be very careful not to spend too much of course, and the same logic applies to choose an apartment. Why go after a house or apartment that is too big to meet your current needs when you buy for the first time.
So, if you are actually going to plan on scaling your real estate portfolio, we urge you to start small. You can work with any apartment and interior and shape a household in the way you like. Cheap and swift designing solutions are always great. Besides, while you wouldn’t want to be part of the problem – i.e. big rents – you can certainly move into another apartment when you have economized enough and just rent out your current apartment. It’s the best way to achieve upward mobility.
Keep Doing What You Love and Never Stop Learning
This advice is almost too far-fetched, but it has a significant impact on your purchasing power. The truth is many people wonder if buying a home is a good idea – mostly because if you buy a home, you are tied to it. This is true, but it shouldn’t be the right mindset. You can have your apartment or house and relocate, rent and re-sale. You shouldn’t let renting slow you down, although many high-tech jobs have specialists who don’t really care about properties, as they make enough to be able to avoid pretty much anything.
However, you can also be able to fetch a pretty dollar for your service as your expertise in a given field continues to improve daily and consistently. You will soon realize that investing yourself and constantly growing in your chosen career field would allow you to actually not worry too much about money and housing. True, doing what you love is not always the best advice. The prices are exorbitant; there is no doubt about that. However, thanks to smart budgeting and continually increasing your income potential, you can stay ahead.