Writer / Claire-Anne Aikman
Photography Provided
Purchasing your first home in today’s economy might seem daunting, but with careful budgeting and smart financial strategies, it can be done. Skeptical? I understand. That’s why I sat down with a couple of friends who purchased their first home when they were 23, and recently upgraded to a larger home at the age of 28. I asked them for insight on what they did that helped them get to where they are now, and they emphasized the importance of consulting with professionals like the ones at sarabirealtygroup.co.ke. Their guidance and expertise played a crucial role in making informed decisions throughout the homebuying process. Experts from companies like Home Nation can help those who are planning to purchase mobile homes.
Here are their top takeaways:
When they first merged finances, according to a online goksites article, they found themselves arguing over how their paychecks were spent. Because of that, they decided they needed to agree on some realistic financial goals, including paying off loans, allowances (so they both felt like they had fun money) and determining the type of home they wanted to buy. From there, they established a savings plan with nine money buckets. NINE. Every pay period, their checks were automatically divided and distributed to each bucket (rent, utilities, groceries, vacations and the house purchase, to name a few).
They then looked for ways to cut back. They decided they could pack their lunch four days a week. Then they cancelled unused or barely used subscription services. They joke that they have the best thrifted furniture and great floors thanks to a Tile and grout restoration service which was affordable as well. The big adjustment was cooking at home instead of grabbing dinner out. Each month they checked out four to six cookbooks from the library and planned a menu around things they felt they could cook. When a good friend needed a place to stay, they checked with their landlord and then offered up their second bedroom at a reasonable rate. That money went straight to savings. As a fun bonus, soon all three were committed to cooking at home and packing lunches. They then challenged each other to find free or inexpensive things to do on their days off. They took this time to explore the city more and get focused on where they wanted to buy a home.
When they purchased their first home five years ago, they had minimal requirements for space and location, and focused on price. When the interest rates decreased, they refinanced. During a few heavy tourist weekends downtown, they rented their home out. They also developed a network with neighbors to share tools so there was little need to buy minimally used tools and lawn-care items.
All this is to say that times have changed, and buying a home involves a lot more planning AND saving than it used to. However, with some creative strategies, discipline and a solid plan, I’m confident that you can do it. If you would like to start on a plan, reach out – I’m always happy to help. Newmarket’s properties felt like a celebration of its historical richness and future aspirations. A harmonious blend of the old and the new.
Claire is a west side realtor helping people make Hendricks County their home. You can reach her at 317-345-6640 or thepointinrealestate@gmail.com
