Most people who own multiple homes are people living in affluence. Before you give up on your dream to own multiple homes gets the facts right. Everyone can own multiple homes and travel across the world, as well. You do not have to be overly rich, but you need to have a goal and commit to it. This is not a dream for the faint-hearted or impulse buyers because after all these things cost money and a lot of money for that matter. It doesn’t matter why you need multiple homes, but the fact is that you can own some if you want to. That said, here are some tips on how you can buy multiple homes and still satisfy your dream to travel across the world
1. Discipline In Saving
If your dream to own multiple homes while traveling will ever become a reality, you must save and save consistently. Some mortgage lenders will require you to pay some down payment, and it can be 40, 30, 20, 10, or even less than 10 percent. These lenders will need you to prove that you can pay this down payment to give you a mortgage loan. Also, for you to afford the traveling costs, you will need this money. Saving will take your total willingness and commitment to achieve these goals. Start by preparing a realistic budget that you can observe religiously. Evaluate your monthly expenses and categorize them into needs and wants. Each want that you feel you can do without; it is time to let it go. Stick only to those expenses that are necessary so as to save more and more.
2. Ensure You Have A Good Credit Score
Before approaching any mortgage lender, make sure that your credit score is good and will not make you be denied a loan despite having saved enough money to cover the down payment. Have you been settling your minimum balances for your credit cards? Chenoa Fund advises that if you have any issue with any of your lenders, pay up the defaults and ensure your credit history is clean first. With this, you will have some confidence when approaching any mortgage lender and guarantee yourself a mortgage loan. Again, your clean credit cards will continue earning you bonus rather than penalties for late payment.
3. Find Ways To Make More Money
You may have learned how to save and are following your budget religiously, but you can do more if you can find new ways to earn more income. For instance, if you are good in writing, you can work as a freelance writer on a part-time basis, rent out your car on weekends or when you do not need it, work extra hours in your job, or start a small business. These are just but few examples and while it may mean that you will have less time for yourself, remember the goal is to be able to own an extra home and continue traveling. This means you have to pay the small sacrifice.
4. Rent Out Some Homes
Some people will buy multiple homes to have a place to live in when they travel in different places, but the fact is that it is not possible for a person to live in two different homes at the same time. Therefore, if you bought the house on the mortgage loan and it’s not your permanent home, you can rent it to help you settle the mortgage interest. You do not need to rent out the entire home if you still need it sometimes, but you can rent out a few rooms. According to Chenoa Fund, sometimes the rent you get can be more than your monthly mortgage interest, and even if it’s less, it will definitely lower your burden to pay the loan. With this, you will still be able to travel because you have some extra cash to cover your traveling expenses.
Owning a home is a great investment, but owning multiple homes is quite an accomplishment. If this is your dream as a frequent traveler, then use these tips to make your dream come true.
