Get a handle on what you can afford

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 to come.

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 property manager.

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.

Jason Gwerder
Wednesday, 20 September 2023

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