As you get older, there are some significant decisions that have to be made in life. For many people, there are some clear-cut choices that if you choose one, you may not be able to do the other. These significant life choices usually involve making the decision to save up to buy a house or travel and go off on an epic adventure with no end date. If you are finding this particular decision challenging to make, is there a way that you can do both?
Each scenario has its benefits and stresses, so making a list of pros and cons is a great place to start. You may have outside influences that are convincing you for either side but getting the balance right could see you enjoy both and still have enough money to live comfortably. Is it time to buy a house or travel the world? Take a look at some of the ways that you can buy a home for the perfect base, plus travel to the destinations that tickle your fancy.
Buy a House or Travel The World?
Both options can be expensive but before you do anything, making a plan and considering all the costs of each is paramount to assess your circumstances. When buying a home, there are things such as the initial cost of the property, getting quotes from local movers such as Suddath Miami and legal, finance and insurance fees. If you’re looking to go traveling, of course, you’ll face the plane fares, accommodation charges and money to live on while you move from place to place.
Save, save and save!
There’s no doubt that unless you have a large nest egg stashed away that you’ll have to do some considerable saving to make this work. Creating a savings budget and monitoring your outgoings is one of the first steps of getting to grips with your finances. Look at everything you can initially cut down such as subscriptions, eating out and that odd cup of coffee on the way to work. By tracking via a budgeting app, you’ll start to see significant results in no time.
Buy a property that is ready to go
When you’re considering a property especially somewhere that you might want to rent out, buying somewhere that requires minimal initial expenditure is a great option. A property, where there are a good working kitchen and bathroom, is vital, as these are expensive to buy and install. If you have everything set up, the less you will need to spend before your jet off on your next adventure.
Consider your home as an investment
If you want to have the house and travel, then considering a small base will help to achieve this. Just having an initial investment can help for the future; so keeping in mind that it is an investment is possibly the best way to look at it. It will still take some considerable savings but opting for a condo or apartment can give you a handy step onto the property ladder for when you decide to come home.
Don’t buy everything brand new
It is always tempting to go out and buy everything new for your new pad, but if you’re not going to be living there, you don’t have to set the property up to your tastes right away. Of course, if you are renting it out, it should be in a livable standard but opting for secondhand or yard sale items can offer some cute trinkets without a hefty price tag.
Have backup cash
If you’ve bought a property and are now considering your next adventure, having a backup for any home issues is a must. Even if you have the place in good working order and everything running like clockwork, things can still go wrong. If you’re the other side of the world, it could be difficult to get sorted especially with time differences. By having a backup or some cash reserves, your management company can fix any necessary issues without you having to worry about anything.
Use credit cards with rewards
Credit isn’t necessarily a bad thing if you manage it efficiently and for those that want to do both traveling and owning a home, credit cards can be a handy resource. There are many options that give you airline miles and the chance to earn money on airfares for a certain amount spent on the card. If managed, you could use these methods for everyday shopping and earn air miles and pay it off as you go. That way you take advantage of the benefit while you shop for your everyday essentials. This, in turn, could also help you improve your credit rating, as lenders will look at efficiently used credit accounts favorably.
Earning a living
While you may not be able to work in other countries on your travel adventures (be sure to check visa restrictions), you could rent your property out while you are away. If you buy where there is a strong rental market and rent are fetching higher than your mortgage payments, there is the potential to earn enough from rent profits alone. By making a smart investment and doing your research, you will have money each month to play for extra peace of mind.
Consider the way you travel
If you buy a property in the initial stages of traveling you may have to consider your options until you’ve built up your reserves again. Being a homeowner doesn’t stop you from doing the things that you’d hoped, but you may just have to consider doing them in a different way. Considering swapping hotel options for hostels and Air BnB’s or choosing cheaper locations that can make the most out of a limited budget. These options don’t have to hamper your enjoyment on your travels either, as you may find that stretching your budget further and thinking about costs more, gives you more time in each location.
Age is but a number
If you have dreams to buy your own place and go traveling, you shouldn’t let your age deter you either. Whether you are in your 20s or 60s by making some lifestyle changes you could realize all your dreams. As you mature, traveling is a great way to experience life after you’ve had a career, saved up and already own your own home. Traveling is a rewarding experience for all ages and something that isn’t reserved for the young. As you get older, you will also have a greater understanding of your life goals and can base your plans around these.
Be prepared for anything
One of the most significant questions when trying to decide whether you can do both is, is it worth it? This will all come down to how you see your future, and whether you want to have a base, you can go back to. Some people prefer the nomadic lifestyle while others want to have that sense of stability and somewhere they know they can always just go home to. There are many things to consider when making this decision and many you can’t just turn your back on when times get tough (especially if you have a mortgage). By being prepared for the journey ahead, you can enjoy both travel and buying a home without too much stress.
Although buying a property and traveling may be completely different lifestyles, they are both rewarding experiences that many people enjoy. If you have dreams of doing both and living a comfortable lifestyle, then there is a range of ways that you can achieve it.