Having a place of one's own is one of man's ultimate dreams, whatever status or economic bracket one may belong to. However, possessing one is never that easy, especially if one is living on a very tight budget. But worry not as there are ways by which the acquisition of your dream house will still become possible despite having limited funds.
1. Choose jobs with homeownership in mind
If you are still a student or have found a job already, it is not to suggest that you change your course nor give up your dream job. But evaluating your career path and choosing one that will ensure your finances in the future will lead you closer to homeownership.
2. Improve your finances
Paying your debt will be a priority here. By making regular payments, you are improving your credit score. This may entail a great deal of discipline and sacrifices such as giving up smaller pleasures in life, but remember, you are doing it for a bigger purpose.
3. Decide on the kind of house you want
Start thinking where you want to live and how your future lifestyle will be. Visualize on the location and the kind of neighbourhood that you would prefer your dream house to be. Even if you see yourself having a condo, a studio apartment or a starter home, do not stop building that dream house in your mind.
4. Save up
We all know that homes are expensive as you can see the price right there on the listing. Consider the upfront, relevant taxes, home inspector and other costs. Should the time come for you to finally purchase a house, you have to make sure to have reserves so as not to tap all your resources. The sooner you start saving, the sooner you can start looking for your ideal house as well.
5. Don't gamble with your savings
While it may be tempting to put your savings in an investment with gaining additional funds as your objective, but dumping it into something that is uncertain may lead you to trouble. Hiring the services of a financial adviser or putting the money to high-interest savings accounts and CDs are safer ways to make your savings grow.
6. Avoid changes in your lifestyle
With you regular salary and your savings, you will realize it is fun to make money. An increase in your income will also bring big temptations to splurge, mostly on your wants and not your needs. You have to control such impulses and always put your goal of having your own house ahead of the list.
7. Great things start from small beginnings
Your first house does not necessarily become your eternal home. If you have bigger things pictured in your mind for your future house, a sprawling lawn, with multiple rooms, picket fence, just keep such ideas for the meantime that you can only afford a smaller home or apartment. Don't feel bad and don't lose hope, you still have many years ahead to work and save up for it.
