 Congratulations on your first real estate property investment! Being a condo unit owner in your 20's or 30's is a great milestone that comes with responsibilities. Packing up and permanently leaving the home you grew up in with your family is a huge step-up that officially ushers you in the world of adults. Consider this an exciting time in your life as a young professional. The challenges of having your own condominium may be intimidating at first but the process is replete with opportunities for growth and habits to build. In this early period of your adult life, your financial goals and money habits will be crucial. Along the way you will discover the importance of managing your monthly income to both cover your bills and save up for your future. Of course, there are other responsibilities too such as being able to maintain your home property while balancing your career and social life. You can do this! Of course, you will need all the help you can get. Here are healthy habits to practice at your age as a young condo unit owner. 1. Prepare to make adjustments in your life. Part of habit building is becoming open to changes in your life, even though they can be uncomfortable at first. Some things you were used to when you were living back home such as having a family member to split chores or the groceries with might not necessarily apply once you are living in your own condo unit. The biggest life adjustment would be learning to be independent, not just financially but as well in most aspects of your adult life. Decisions will be made entirely by you from what your daily meals will be and when laundry day is. 2. Manage your time wisely. Time is a valuable commodity that, like money, has to be spent wisely. How you divide your time in a day or a week for your career, family, friends, and even household chores will matter. It would be helpful to have a routine or a schedule to help prioritize which task or commitment deserves your attention for a day. The goal is to get something done no matter how many tasks there are in your to-do list. 3. Regular condominium maintenance is a must. Investing in your condominium took sacrifice and months of saving up for the downpayment. To protect this investment, you have to make sure to maintain it regularly. Part of this responsibility is keeping a regular cleaning schedule. Another pro tip would be to have a ready budget for repairs or replacements so you don't risk completely damaging any part of home. The sooner you fix a problem, the better. 4. Be finance savvy: set up a savings account. Staying on top of your spending and keeping to your monthly budget is one of the biggest challenges of living on your own. A great habit to build would be to prioritize your savings for your future in case you wish to invest in another condo in another city. Having savings also eases your worry of having health-related concerns in the future. To do get this done, they key is opening a savings bank account where you can put at least 20% of your income every month. 5. Connect with your condominium community. It is important to have support within the confines of your condominium complex. Getting to know your neighbors or other homeowners has its benefits, especially during times of medical emergencies. Knowing who to call on for help or having someone near to reach out to when in need, is very important. In conclusion, moving in to a new house or a condominium that you just invested in is an exciting time in adult life. To be able to make the most of this milestone, you have to be accountable for yourself and embrace independence. Looking to buy or rent your first property? Check out our For Sale Properties and For Rent Properties today!
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