Owning a home is indeed a high priority for the most individual. Aside from noble idea as shelter, having your own place which you can consider as your own is also a source of pride and confidence. However, in today's generation, it seems like more and more individuals are stuck into renting. As emphasized in the report of Camillar Turner, only the rich and the old may afford to own a home in the coming years:
Only the rich and elderly will own homes within a decade, thinktank warns
Nine in ten under 35s on modest incomes could be frozen out of home ownership within a decade, a thinktank has warned.
The 16-35 age group could become permanent renters as property ownership increasingly becomes restricted to wealthy and older households, according to a new analysis by Resolution Foundation.
Over 45s now account for three-quarters of all homeowners, while those aged 65 plus make up one-third of homeowners, up from less than one-quarter in 1998 - an increase of 43 per cent. Read full report...
Hearing such prophecy is quite alarming, especially with the alleged impending crisis in the real estate industry. And for such thing to be avoided by some young professionals, here below are some tips as highlighted by My Money Coach:
8 Ways to Save a Down Payment for a Home or Any Other Big Purchase
-You must prioritize
Saving for something important-like a home-is all about priorities. Do you go out to eat all the time, take expensive vacations, buy all the latest stuff and drive brand new cars? Or are you willing to tighten your belt and save for a house? It is up to you. Which is more important?
-Pay off your credit card debts first
You can't really save money if you are paying a lot of interest to someone else. The first thing you should do is pay off all of your debts. Start with your smallest high interest debt, and pay it off. Then take the minimum payment from that debt and use it to help you pay off the next small debt that has the highest interest rate. Read full advice...
Saving for rainy days is really necessary, and owning a house is on a similar level of importance. There are many ways and means that you may personally employ in order to acquire your own house, and the best way is to start actualizing as early as now.
