Last month, I found out my rent was being increased by $60/a month. It's not a large amount I suppose, but it got me thinking...When will my rent stop increasing? Based on NY Housing laws, my rent can increase $85 next year, and more the next. It won't stop.
So I decided to start doing my research. My goal is to purchase a 1-bedroom condo by mid-2012.
What do I need to do ? Save a lot more money than I've been the past few months. To be fair, I have managed to pay off thousands of dollars of debt ($18,000, to be exact). But now I need to put the money aside, in a savings account. How am I going to do this?
1) Follow a strict regiment of no spending, just like this savvy woman did: http://www.andthenshesaved.com/
2) Rid myself of my dwindling student loan so it doesn't get in the way of my mortgage. Ever.
3) Hold on to those savings
4) Do a lot of research on real estate, buying a home, and make realistic decisions about what/where I need to purchase.
I am excited. I have moved every year since I graduated college. I am done with moving, with living out of boxes, with paying broker's fees, with crappy, roach infested NYC apartments. I am ready for the next step of my life. I am ready to own a home.
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