Younger generations are frequently
vilified for the lofty financial ambitions that see many Gen-Y’s over-extend
themselves and end up neck-deep in debt that they struggle to pay off for years
This is an all too common trap
nowadays, with so much ‘easy credit’ on offer.
Yet you can prevent your child from
becoming a statistic by teaching them how to budget effectively, so they know
exactly what they can afford.
Their budget should include all monthly
expenses, including insurance, entertainment, and of course, things like
maintenance costs and rates that come with the responsibility of homeownership.
Once they have a realistic handle on
their expenses, this can be subtracted from their income, leaving them with the
amount they can afford to outlay on monthly mortgage repayment.
The trick is then to only shop within
your budget and avoids the temptation of looking at properties that are simply
unattainable at this stage.
RealRenta has all the
tools that a property manager has but for less than ¼ the cost of a
Join now and the cost
is less than a cup of coffee a week to manage your rental property.
RealRenta also has a
free vision, so why not check it out.
Wednesday, 20 September 2023