Ideally, buying a home is a joyous occasion for everyone. Yet, in a recent Hometap study, nearly half of the U.S. homeowners interviewed were worried about whether or not they would be able to achieve other financial goals, including saving money for their kids’ college tuitions. Thankfully, there are a few tips that might help you combat this negative feeling.
Rising Home Prices Make Saving for Family Difficult
In the 2019 Homeownership Study, 675 homeowners were asked about their current feelings regarding homeownership and other financial goals. Of those 675, 73% said that they felt “house rich, cash poor” at least part of the time. Furthermore, the group expressed stress in being able to save for retirement and to cover their children’s higher education costs. So, if you are looking to become a homeowner, there are a couple of factors to consider that will save you some money.
Look for an Affordable Location
Many opt for the “glitz and glamour” of big cities like Los Angeles and New York City over less trendy and more affordable areas. You will do well to consider your annual salary before finding a place where the amount is enough to sustain your lifestyle and leave enough room for savings.
Be a Real Estate Market Nerd
Like any market, the real estate market is filled with ups and downs. Thus, it is in your best interest to keep a close eye on market changes so that you can strike at the best time for a good deal. Of course, this is a time-consuming process, so use technology to your advantage.
PropTech platforms like Propy help you easily transact on the best deals all around the world without needing to leave your home or your office. The platform’s use of groupware, blockchain tech, and smart contracts means that you can quickly act on a deal without going through the tedious process of driving around and wasting your time sending documents. With these innovative platforms, you will be able to save money and time so that you can use them for other purposes.