Have you always dreamed of owning a home, but are not sure where to even begin? Or maybe you already own a home and are looking to expand your financial portfolio with more real estate but aren’t sure how to get started? Then this blog post is for you! Below, we break down the 5 attainable real estate goals you should set if you want to purchase a property in 2020!
Goal 1: Write Down Your Plan
It might sound old school, but take out a piece of paper and write down how much money you would need to put down in order to get the type of home you want while keeping your monthly mortgage at a rate you can afford. Then break down that goal by the amount you need to save weekly or monthly and a goal date for being able to buy that house. This way you have weekly attainable goals that before you know it will grow into the funds you need to buy your first, or next, house!
Goal 2: Make Some Budget Cuts
Budget cuts are never easy — especially when you are faced with the idea of having to cook every night because that take-out just no longer fits the budget. But, budget cuts are the next step to saving enough money to put a down payment on a property. In order to budget, first look at how much you take home monthly and then eliminate any set expenses that you can’t get rid of — i.e. rent, car payment, and anything else that can’t change.
Then look at where you could start making changes. Maybe you don’t need the unlimited data package on your phone plan or a full cable package when you already have Netflix, Hulu, Amazon and Disney+. Lastly, look at the daily things that you can cut back on such as buying lunch at work or those $5 lattes 7-days a week. Once you make these changes you should loosen up some cash to help achieve what was written down in goal #1.
Goal 3: Have a Side Hustle
Do you have any marketable skills that could be used to make a few extra bucks? Maybe you are fluent in Spanish and can tutor high school kids? Maybe you have time on Friday nights to to babysit for friends or Neighbors? Maybe you have an eye for refurbishing and reselling old furniture? Whatever it is, use your spare time to make a little extra cash.
Goal 4: Don’t Become a Hermit
It’s all too easy to say to yourself “it’s too expensive to go out.” Get that mindset out of your head! Spending $10 on Happy Hour drinks with friends or $15 on a movie ticket won’t make or break you. Just be mindful about your spending! Look for the best Happy Hour deals or brunch specials near you so that you still get to hangout with friends but for less money than if you did dinner. As for the movies, maybe just steer clear of the $6 M&Ms and $12 large tub of popcorn!
Goal 5: Keep Your Eyes on the Prize
When your instagram feed is full of everyone vacationing on a tropical island or galavanting through Europe, you might want to throw in the towel. But just remember one thing — as you buy your home you can take all of your future side-hustle money and spend it on a fancy vacation. And then at least you’ll have a house to come back to!