Replace your old home
The rule of thumb traditionally has been that you should look for a house with a good home design and there is no gap to home improvement that cost no more than two and a half times your gross annual income, and plan to spend no more than 25 percent of your average monthly income on housing expense.
You can begin a programmed of saving money for a down payment. Even if you set aside only $300 a month, you will save about $3,600 a year, and if that is properly invested you will save even more. Although that may not be enough in five years for the house of your dreams, depending upon the cost of real estate in your part of the country, it may be enough to buy a small flat. And it certainly would go along way when combined with a friend’s savings. The two of you could buy a small place, using your joint savings of five years at the down payment.
If you cannot meet the monthly payments, then consider sharing expanses or taking steps to in create your income.
Single people tend to be on the go: they have greater freedom to move, but many remain in the same place for years, long enough to benefit from owning their own homes.
Remember, you can almost always get your money out of a purchase if you don’t have to sell in a panic. If you plan to live in an area for four or more years, then buying a house or apartment should be considered carefully. In fact, it may be cheaper to buy then rent, particularly if you live in an area where rental housing is scare and rents are higher then ownership costs.
