It has come to my attention, that the girls of my generation (and younger) are more concerned with getting the latest Givenchy purse, instead of thinking about their future.

And we all know our fellow gentlemen have the same problem, (with buying Jordans and bottles in clubs) - but we'll address this in a future article.

Now, don't get me wrong - I've also fallen for the trap MANY times before - And from past experience, I think it's time that we address this matter to my fellow young ladies who need to start SAVING their income to become home owners instead of SPENDING it on their weekly mani pedis, hair extensions, make up, and shopping sprees.

Because what you don't realize is, instead of putting your money into a rabbit hole, that sucks it all dry - you can invest a portion of it and eventually live off the profit, and spend that money on whatever you'd like, but only AFTER you're already the owner of a property.

Let's build a scenario example of the "typical" 19-25 year old consumer. (We'll call her Victoria).

Victoria spends $60 every 2 weeks on her nails. ($120 a month)

She goes to Sephora every Friday on payday, and spends about $250 a month on make up and beauty products.

She also goes to Forever 21 and Zara and spends another $250 a month on high rise jeans and crop tops.

Out of the $1,600 she makes from working FULL time at a calling centre,

almost one third of the amount is being spent on "girl things".

If you calculate $620 a month x 12 months, Victoria spends $7,440 a year on her appearance.

In just a short 3 years, Victoria could've saved $22,320 which would be enough downpayment for a condominium in the Montreal area.

To that answer, Victoria might say something a little like:

"But, what's 20k going to do at my age? I don't have any credit, neither can I buy it myself."

Aha! That's where I've got my very own Real Estate Girl boss with expert advice on the subject, Natalia Sokova, here to clear up the matter for all of us.


Why do you believe this is the best time for first home owners to invest in the Montreal real estate market?

It is the best time to invest in real estate in Montreal, as the interest rates for mortgages are very low, its a buyers market and at the moment first time home buyers are able to take advantage of the "home ownership program" which provides financial assistance.
Think of it, you might be able to own your own place with the same monthly payments that you are paying for rent. Why would you pay someone else's mortgage?

As a home owner, do you have any advice to give young girls that are looking to buy a property?

As a home owner myself, I know that while paying off my mortgage, I am in essence "saving" for my retirement. As every month I am accumulating equity in my real estate investment.

If you are looking to invest in real estate, one of the most important things that you could do is to have a good credit history. Yes, true, you might want to splurge on the latest Louis Vuitton, but is it really worth it? Make your payments on time! I advise my clients to make an appointment with a mortgage broker, sometimes a year before they decide to make an investment in real estate. You want to be able to get the best rate possible and have the freedom to buy the home of your dreams.


What areas are the best to invest in?

Its a buyers market, like I mentioned before. There is a huge variety of condos for sale at the moment. Which gives you guys an opportunity to get a great deal, as selling prices can be negotiated down. $10,000-20,000 less!! The areas that are always in demand are Downtown and Old port, while Griffintown and St Henri are areas that are constantly developing with new real estate construction projects, shops and restaurants opening monthly.

For more information on Natalia, Like her page on Facebook

So now ladies, next time you're contemplating whether you want to splurge on a new collection at MAC, or those stunning Jeffrey Campbell limited edition booties you saw in the window at Editorial, have this thought in mind: do I REALLY need this? Let's make you an independent lady first, and then once that's done - you can buy all the make-up your heart desires.

And gentlemen, let me know what expert advice you can offer on the subject - it's coming soon.

Send me an e-mail with your thoughts: rebecca@mtlblog.com

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