With rising prices in the Real Estate market, first time home buyers are finding it more and more difficult to purchase their first home. Rising home prices aren’t the only factor in why millennials are struggling to put together down payments for a home. With high student loans, higher rents and with so many services/luxuries available at our fingertips, saving for a home might seem unrealistic or unattainable.
The hardest expenses to cut:
- Student loans or other debts
- Gym memberships
- Frequent dining out
- Cable or TV subscriptions
- Transportation (Uber, Train, Bus, Gas, Insurance, Car Payments)
- App subscriptions
- Online shopping
A lot like buying a home, develop a list of “Must Haves” and “Wants” and see where you can sacrifice in your monthly budget.
Tips to help cut down on expenses or create extra savings:
- Getting a side job or side hustle (be the Uber instead of taking the Uber)
- Skipping that meal out and prepping dinner at home
- Having a night in with friends instead of going out to expensive bars
- Share expenses by gaining a roommate
- Moving back home for the greater good
- Sell off unused items
- Doing at home or outdoor workouts
Why buy now?
- Interest rates are remaining low which helps with affordability and means you have the opportunity to pay down more principle than interest!
- Home prices are consistently on the rise, meaning tomorrow will be more expensive than today.
- Right now there are some fantastic first time buyer incentives and even government grants that you can take advantage of.
- Here are some simple steps to help you on your journey to home ownership …
- Devise a plan on how you can create some extra savings / cut out expenses, then implement it into your daily lifestyle.
- Get yourself a team, a local Realtor who can guide you through the process and help put your plan to fruition and a local mortgage broker who can help you create a plan tailored to you and also tell you all the local benefits and incentives that are available to first time buyers
Let’s grab a coffee and chat about your future … on me of course!