Three resolutions for homeowners in 2024
The start of a new year always presents us with an opportunity to start striving for new goals and pushing towards greater success. As one of the largest investments most of us will ever make in our lifetimes, homeownership can be a great area of our lives around which to centre our goal setting.Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa says that while homeownership can be a rewarding accomplishment, it can also become a heavy burden for those who have not budgeted carefully or stayed on top of the ongoing maintenance.
“The good news is that it is never too late to change bad habits. Careful budgeting and planning can take the stress out homeownership. It is possible to make the homeownership experience feel more rewarding and fulfilling in the year ahead simply by setting up a few goals and sticking to them,” Goslett advises.
Suggesting a few ideas for the types of goals that could help a homeowner gain greater enjoyment from their homes in the year to come, RE/MAX of Southern Africa shares their top three resolutions for 2024...
1) Have an emergency fund by the end of 2024
A lot of the stress of homeownership comes from the cost of unexpected repairs that tend to pop up every so often. That is why it is so important to have some household emergency savings in place to cover any unexpected expenses that can (and so often do) arise. The rule of thumb is to have at least three months’ worth of expenses saved up in case of an emergency or unexpected job loss. This does not need to be saved up overnight – the key is to put even just a little bit away every month to start building up this kitty over time.
2) Pay extra into the bond every month
Paying extra into your home loan every month will not only help you save on interest costs, but it will also shorten the length of your loan term. With interest rates being as high as they are, every extra bit you are able to pay into your bond will add up to some immense savings over the span of the loan term. If you have an access bond facility, you can also view the extra payments into your loan account as your monthly contribution towards a household emergency savings fund, as this money can be easily accessed from your loan account in case of an emergency.
3) Clean out all closets, garage and storage spaces by the end of 2024
In today’s fast-paced world, we can quickly accumulate so much stuff that we can soon start to feel as though our home is simply not large enough anymore. By regularly taking the time to sort through all the storage corners of your home, and being sure to donate or toss the items that you no longer use, you can free up some much-needed space and create a home that is far less cluttered and chaotic. Tackle one closet at a time and you’ll be amazed at how much more spacious and calm your home could feel by the end of the year.
These are just a few examples of resolutions that could help improve your homeownership experience. By taking the time to think about your home and set up goals that can improve upon your pain points, you can greatly enhance your living spaces, reduce stress, and improve upon your overall well-being.
“For those who have not yet made it into the homeownership space, perhaps this could be the year to make your homeownership dreams come true. Set up an appointment at your local RE/MAX office to get some free advice on how to make your homeownership goals come true,” Goslett concludes.