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Gen Y Handling Mortgage A Lot Better

mortgage pressureWendy Russell writes a piece for Property Update wherein he shares his views on home ownership and the delicate balance of working around the mortgage chain and enjoying one’s pre-mortgage lifestyle. Russell talks about how our parents could never have thought about feeling burden-free till there was a mortgage routine in sight. Things, however, have changed for the Gen Y.

Maintaining original lifestyle versus handling mortgage debts

They can keep enjoying more than a semblance of their original lifestyle while managing a stronghold on their debts. Of course, they make their sacrifices, too. In the case of Russell, it meant that instead of going to that upscale restaurant or nightclub, he’d rather share a laugh with his friends at home over weekend BBQ parties.

Budget allocation

Russell also recommends a tight scrutiny of the budget and allocation of funds along the lines of that budget. In keeping with the idea, he advertised his extra bedroom for rent and got himself a flatmate. It is Gen Y, after all, and who wants three rooms anyway?

Buying the right property

Russell also advises on the importance of buying the right property and why it is only crucial to get as much aid from experienced players of real estate.

You can read the original article here.

How do you plan to keep abreast of mortgage debts?