Buying a home is not something that happens overnight, and because of the financial obligations it entails, many people shy away from making their big purchase until later in life. However, when you buy your first house or begin a journey investing in real estate, it is one of the most rewarding experiences, both personally and financially that you can embark on. Buying a house or property instead of continuing to pay rent means investing in your own future rather than paying someone else’s mortgage. No matter if the home you buy is for personal use, or a multi-family building as an investment, you have the potential to grow your wealth with real estate right away.
Many people are hesitant to begin their journey owning real estate at an early age, and often don’t feel secure enough to make the most out of their investment. If we normalize discussions on good financial health and investing in our futures, working towards real estate goals would feel achievable rather than overwhelming. Buying property is an accomplishment to celebrate, so do not be afraid to start early and embrace your journey into buying and selling real estate. Here is how you can start PLANNING for your FUTURE!
Whether you want to buy a house by 25 or invest in a multi-family property in the next 10 years, with a plan in place, no goal is too big or too small. The trick is coming up with an effective and reasonable goal to accomplish. Decide on what you want to achieve, put a timeline in place, and begin your journey towards achieving that for future success.
Once you have your end goal in place, break it down into smaller and more attainable goals to help you get there successfully. This could mean building towards your desired credit score, paying off debts, saving for your down payment, creating a savings schedule, or increasing your gross monthly income. All of these goals will help you to stay on track and meet your end goal in a timely manner.
Many of us associate setbacks with failure and as a result, lose the motivation we need to persevere. Attempt to retrain your brain and look at setbacks as an opportunity to learn, re-evaluate, and move forward with more knowledge and preparation than before. The path to success is not always easy or linear, embrace the journey, take the lessons learned, and come back stronger than before.
Investing in real estate involves a lot of financial literacy and planning. Fortunately, there are many people with specialized knowledge around to answer any questions you may need. Connect with me for any tips, advice, and referrals, or set up a meeting with a financial advisor. The industry is full of jargon that is not always easy to decipher and understand, but the more you learn about your investment plan, the more confident you will feel on this journey.
Once you have achieved your goal, it’s time to break out the party hats and celebrate! This is an accomplishment you will always remember, and one that will offer you future financial freedom and success.
Embrace the journey becoming a homeowner or real estate investor; It may be a long one, however once your goals are realized, the sacrifices and strict planning you made will pay off.
The trade marks displayed on this site, including CREA®, MLS®, Multiple Listing Service®, and the associated logos and design marks are owned by the Canadian Real Estate Association. REALTOR® is a trade mark of REALTOR® Canada Inc., a corporation owned by Canadian Real Estate Association and the National Association of REALTORS®. Other trade marks may be owned by real estate boards and other third parties. Nothing contained on this site gives any user the right or license to use any trade mark displayed on this site without the express permission of the owner.
powered by WEBKITS