3 Tips To Help You Become a Homeowner Sooner
Here are some ideas on how you can become a homeowner sooner than planned.
Rental Income
Instead of buying a one bedroom condo, consider buying a two-bedroom condo or a bungalow with the potential for a rental suite in the basement. The idea is to lower the cost of your living expenses, rental income can help with mortgage payments, utilities, and even Wi-Fi.
Turn Your Parents Into Real Estate Homeowners & Investors
If your parents are wanting to help you out in getting started as homeowners in the housing market doesn’t mean they have to be your personal piggy bank. There are several different ways to structure the arrangement so that it is a win win for everyone. For example if they have a line of credit or even a home equity line of credit, they could lend funds to you to put towards a down payment and in return, you would pay their interest on the line of credit. There are many ways to make the arrangement a win win for everyone just make sure it’s all in writing!
Stepping-Stone Approach
Young people have the great advantage of having time on their side. Buying property early even something smaller like a condo can have a compounding growth effect that will work in your favour. For example buying a property now for $300,000 can potentially be worth $500,000 in five years. Jumping straight into buying your dream home might not be a reality when you are starting out, consider a stepping stone approach.
All in all build an expert team around you, a trusted realtor, mortgage broker, insurance broker, accountant, lawyer and so on. Advise experts for advice and plan for your financial future.
Need help buying your next home? CONTACT US