Your First Home May be back Home
For many expats, the dream isn’t to buy a house where you are—it’s to buy one where you came from. A place to go back to. A future retirement spot. A home base for your family.
Whether you’re thinking of a city apartment in Manhattan, a beach home in Goa, or simply affording the home you grew up in, planning for that first home “back home” comes with its own set of challenges—especially when you’re earning in one currency and saving for property in another.
Your home, for you.
Home Goal Planning:
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Dream it.
Where do you see yourself living? Does it involve a large yard, a pool perhaps? Think about how your additional wants contribute to the cost of maintenance, insurance and time.
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Define it.
Start thinking about your home money goals. How much will it cost you? Do you have the right number to include mortgage, savings for emergencies, closing costs and the cost of furnishing and insurance?
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Grow it.
Once you define your goal, you have to stick to a plan. You may not need to give up avocado toasts to reach your dreams…but the aggregate of savings (however way you decide to) needs to be consistent and enough to reach your savings goals.
Keys or Caviar?
The true costs of home ownership may surprise you, life style creep can get in the way of your vision.