Today, we're going to talk
about three resolutions at first time homebuyer should make for 2022.
If you're still waiting to buy your first property, either
a rental property or your forever home, these are three resolutions
that can make this a reality for you in 2022.
Resolution number one.
Watch the bottom line
If you're saving to buy your first house or your first investment property,
you might feel a little bit overwhelmed on how much you actually need to save.
Or you've decided that cutting back on your expenses
will be a long stretch of time where you're not actually going
to even enjoy yourself .
Everyone derives pleasure out of buying things that they want.
And for some people, that response can be intense and really,
really hard to resist, especially if someone's been good for a few weeks.
But they're starting to feel burnout out and deprived.
Trying and failing to save money doesn't make you a bad person.
You just need to accept that willpower alone isn't going to cut it
when it comes to saving money, when you're deciding to spend less.
You need to remember that you're giving up a source of dopamine,
so you need to replace that
in healthy ways while you're meeting your financial goals.
Find inexpensive ways to treat yourself, cultivate hobbies
that you enjoy and exercise to still find that dopamine hit.
Also, once you've added more money
to your new house fund, make sure to look at your balances.
Being able to appreciate that you're closer to your goal
and recognize your progress will make you feel good about saving
and a lot more likely to keep your resolution.
Resolution Number two Buy with someone else
if you want to buy a property,
but you're looking at your numbers and don't see how it would be possible.
It might be time to consider buying a property with one of your friends.
Now, this is a big departure of how people have historically bought homes.
Traditionally, people buy houses on their own or with their spouses,
but that has become an increasingly elusive goal.
With housing costs where they are right now, the trend of joint homeownership
among friends has taken off in the last few years.
Between 2014 and 2021, the percentage of houses bought were CO.
Buyers have different last names jumped by 771%.
We did an entire video on this very topic a few months ago,
and you can definitely visit that for more information.
The most important thing with this is that this is a huge commitment,
like forming a business or getting married.
You want to move in with someone you get along with,
but you also want to make sure that you're both on the same page financially.
You definitely need to have clear conversations about your personal finances
and your plans for how long you expect to live together.
Of course, the advantages of this arrangement are tremendous
for a lot of you.
It can mean the difference between buying and not buying a property, whether you're
interested in owning a rental property or a primary residence together.
This is an excellent way to buy your first property.
Resolution number three Be flexible with your market So if you're determined
to buy property in 22 and haven't been successful so far,
it might be time to reconsider the market that you're actually looking at.
That could mean moving a few towns over or to the other side of the country.
While many of you have probably had your heart set on buying
a forever home or even a rental property where you already reside.
That could be a way just to keep deferring home.
So if you're still waiting to buy your first property,
it might be time to look at a brand new market.
You could either buy a rental property
in another market or if you're able to work from home,
you could actually relocate to this new market.
This has become the norm.
In 2021, 27.1 million Americans lived in a different residence
than they did a year earlier, and you could do this to.
People have been picking up and moving in huge numbers
to find deals that they couldn't in their original communities.
It's a great way to take back your power.
If you're in a sub market,
they're still seeing bidding wars and all cash offers for homes.
So do your research and have an open mind.
You're not choosing to live somewhere else forever.
This can just be part of an investment strategy
that will eventually lead you to your dream housing market.
So those are the three resolutions
that can make homeownership a reality for you in 2022.
The name of the game is to do your research and have an open mind.
Talk to you later.