Are you thinking of buying your first condo? If so, then its best that you allow time to prepare and save for your down payment. Organize your finances and discover some simple ways you can adjust your lifestyle in order to be in a comfortable position while making this large payment. Once you’ve made small changes in your spending habits, buying a condo will be easier, and so will achieving other financial goals.
Make your condo a top priority when considering all your expenses. For instance, if you’re the type of person to purchase expensive dinners frequently, go on several vacations, or tend to impulse buy, then you can cut these expenses down. Start making dinner at home more often, travel to less expensive places for the time being and stop yourself from buying items you want but don’t absolutely need. If you tend to buy lunches at work, start packing your own. These simple steps will already save you a significant amount of money!
Pay off Debts
Before putting a down payment on a condo, make sure that some of your high interest debts are paid off. Start by paying off one of your largest debts, then work towards paying a few of your minor debts, so that you can feel more relieved when adding a condo to your list of expenses. Once you prioritize where you’re spending your money and your minimal debts are paid off faster, you’ll notice how much easier it will get to pay off the larger debts.
Save More from Work or Get a Side Job!
If you get bonuses or commissions from your job, then immediately put that away into your savings. Eventually, this will add up and help you with your down payment. To earn more money, if you have the time then try and get a small side job to help you save more.
Open a Tax-Free Savings Account (TFSA)
Opening a TFSA will allow your money to grow, without paying income tax on the money you earn in this account. See a financial advisor to discuss this and you will see how much this helps you out!
Sell Unwanted Items in Your Home
Take any extra items you’ve been storing, such an old furniture you don’t need and sell them. One way to do this is by having a garage sale. This way, you’ll get rid of old clutter while earning some extra money. Any little bit counts!
If you live in an area with extremely reliable public transit, consider selling your car. However, if you want to keep your car, save money on gas and other automotive expenses by taking it around as little as possible. Need to run a quick errand? Do it with public transit instead. Even start carpooling if you can.
Get rid of Your Gym Membership
Having a gym membership is great, but not when its $60 a month and you need to save for that condo down payment. Instead, begin working out at home. Watch YouTube videos, purchase your own weights and take a run around your neighbourhood. Doing this will surely save you hundreds of dollars!
Downgrade to a Smaller Place
Are you currently renting a space? If so, for the time being, look for a home with cheaper rent. Yes, it might be in a less desirable neighbourhood or you might have to get a roommate, but doing this will pay off in the long run. Try moving back in with your parents temporarily if possible.
Once you’ve prepared yourself to put a down payment on a new condo, then contact Vondos to get VIP access to the hottest condos in the flourishing city of Vaughan! Our experts with over 15 years of experience in the industry and in the Vaughan market will guide you in the right direction, so that you’re completely satisfied with your new home.