It is already a given fact that having a home called your own is one of the biggest and most significant investments you would ever make in your life.
With today’s constantly rising house prices, it should come as no surprise that most people would be struggling to come up with the money to buy a home. In fact, most of these individuals would be saving all of their hard-earned paychecks just to come up with a security deposit for the home. And yet even then, it would take most of us a considerable amount of time before they can come up with sufficient cash just for the down payment alone. Unfortunately, time is money and the longer you wait to secure that home, the more time you will spend paying for rentals which in essence is actually just temporary investment. Upon closer scrutiny, you would realize just how impractical this can actually be. But with financial constraints behind and beyond you, how do you expect to come up with funds enough to secure your very first home fast?
Well, it requires a great deal of discipline on your party complemented with a well-executed energy. Furthermore, it takes patience as well as it requires you to think on your toes. Remember, the longer you take to save up for the down payment, the more you will have to pay for that first home or investment property. So, if you have been scouring the real estate market for potential deals for the best condo for sale in manila , it might be best if you thought of ideas that could potentially speed up the process of saving up for a down payment. Here are some of those ways:
Be smart with your money
No, this does not mean subscribing to the mentality of simply eating ramen cup noodles until you can save enough for a down payment. No, this means learning to curb your expenses and being a little smarter with where your money goes. This means advocating the save first before spending policy. Simply said, this means foregoing weekend dinners, movies and all the other comforts and luxuries you used to afford yourself. Moreover, this means considering cheaper alternatives as well.
Take it straight out of your pay
In essence, this would mean saving up your paycheck first before you even start spending it. Instead of adapting to the practice of spending first and saving what is left, save whatever you can first and spend the rest. Save your money the moment that you get paid and then you can live off the rest and stretch it as far as possible.
Downgrade your car
If you and your partner own two cars, you might want to sell one in favor of owning a home. Alternatively, if you own one expensive, top of the line car then you might want to consider selling this and buying a lower model in order to save up for the deposit of the property you want. In fact, more often than not, the sale you make from selling your car would already even be enough to make that deposit. If you are on the hedge as to your prized possession, just think of it this way: A car depreciates over time and would cost you a lot of money simply to maintain and run. With this in mind, you would think it is best to drive a cheaper car and at have a home than drive an expensive one sans a house.
Rent out your spare room
Your spare rooms could mean a lot of revenue if you rented it out to tenants. If it is sitting stagnant and doing nothing, you might want to rent them out so as to generate profit and extra income. If you live in a particularly busy area where real estate is priced at a premium, you can even jack up the price a bit and still expect tenants to come knocking. However, if you are living on a rental flat, it is best to check your agreement if you are legally allowed to rent out available spaces in your room. Some rental agreements would not allow you to sublet your property to anyone else, so best check to avoid legal snags.