Becoming a homeowner can be one of the greatest experiences of your life. However, it also means that you have a mortgage to pay on top of other costs related to maintaining a home. Therefore, it could mean that your travel budget is less than it used to be. The good news is that you don’t actually have to stop traveling. Let’s take a look at how you can balance your need to pay for a house with your desire to see the world.
Book Your Trips Well in Advance
As a general rule, you can save money by booking a flight, a plane ticket or other accommodations several months ahead of time. It can also be easier to save money when you book flights on a weekday or book hotel rooms when there are fewer people traveling. For instance, it may be possible to spend less on a trip to Europe during the winter months when people are avoiding the long nights and cold weather.
Look for Ways to Keep More Money in the Bank at Closing
When you buy your home, it may be in your best interest to put as little money down as possible. Using programs such as the Chenoa Fund could limit your down payment to 3.5 percent of the purchase price. The Chenoa Fund or similar programs could also help fund your down payment as well. Ultimately, you get to keep more money in your savings account that can be used to fund your next vacation.
Take Advantage of Free Events
Many towns and cities will have community events that you can enjoy while out of town. These events may include public concerts, movie nights or tours through local parks. You can also use discount websites to find coupons to local restaurants or other attractions in the town or city you plan to visit next.
Stay With Friends or Family Members
If you have friends or family members in a given area, they may allow you stay with them for the duration of your trip. This can save you $50 or more per night depending on the type of hotel that you usually stay at. Furthermore, your hosts may be willing to cook for you or let you use their pool at no extra charge.
Rent Out Your Home While You’re Away
It may be possible to rent your home for the few days or weeks that you will be out of town. There are many websites that allow you to list your property at any price point that you want. However, you should check to see what state or local law says about taking such action. You may only be able to rent your home for a certain number of days or for a certain amount of money without a permit. Furthermore, you will need to be sure that your homeowners insurance policy will remain in effect while a renter is on the premises.
Owning a home doesn’t have to mean that you are no longer able to travel to different states or countries. If you are willing to create and stick to a budget, you should be able to afford a vacation or two every year without breaking the bank. It may be possible to refinance your home loan if you think that you could get a lower interest rate or other more favorable terms.
