Owning real estate is one of the most rewarding investments anyone can make. However, if you have no idea where to begin it may feel unreachable.
I’m here to let you know owning real estate is easily attainable if you plan accordingly -- and you may actually be closer than you think!
Below I’ve shared tips to lead you towards the path to achieving your real estate goals, no matter how big, small, or far away they may seem.
1. Maximize your time.
How much time do you spend on social media, or binge watching shows?
Every day is a battle for our attention, and we can give away several hours if we’re not careful. I’m definitely guilty of giving YouTube a lot of my attention over the years.
These valuable hours could be better spent learning about the home buying process, how to be a responsible property owner, or going to open houses.
I’ll admit social media does have its perks, like pages that educate, motivate, and contribute to your growth, but it can be easy to fall into the rabbit hole of funny memes -- which leads me to my next tip…
2. Expand your network.
Do you have a positive circle of friends or acquaintances?
As the saying goes, “you are who you surround yourself with”. It’s important to build positive relationships with people who want to see you succeed and are in line with your values. These types of relationships are symbiotic, promote positive habits, and should feel worthwhile of your time.
It’s helpful to have a few trusted professionals in your circle as well. A good lender can let you know what you need to qualify for a mortgage and answer any questions you have about the process, and a savvy real estate agent can save you time by narrowing your search and notify you of important changes in the market.
3. Manage your finances.
Have you looked at your expenses lately?
I’m a fan of treating yourself from time to time, but the modern world makes it so easy to overindulge. Believe it or not, you could save about a couple thousand dollars from not splurging on expensive lunches and weekend night outings.
Those extra dollars could be put towards a down payment on a property, building other investments like a stock portfolio, or simply paying off debt (which improves your credit score!).
I know not splurging is easier said than done, but being a little more mindful of your expenses is a good start. I recommend keeping track of your expenses so you can visually see which ones need to go in the long run.
4. Increase your income.
How much are you earning per month?
Real estate typically increases in value year over year so your income should also increase. Lenders look at your monthly income to see how much of it would go towards paying your mortgage, plus other expenses.
If your income is not in an ideal place, don’t be afraid to explore your options. For example, you can ask your employer for a raise or promotion, especially if you know you’ve earned it. And if you think you need a little more leverage during negotiation, make sure you have one or two job opportunities with higher salaries lined up!
These are just a few simple tips to get you started on the path to achieving your real estate goals.
The best approach is to set your goals and decide a clear plan for yourself -- everyone’s goals and timelines are different!
If you ever need advice or extra bit of clarity on next steps for your real estate goals,