Money-saving tips for work-related travel

Travel is exciting, whether for work or personal reasons. While traveling for work should sound stressful, strangely it usually isn't for many millennials. Add in the perk of having your trip financed by a third party, probably your company or client, and it might get way too exciting. So much so that you start dipping into your own cash reserves.

While you may not be the one spending the money. Traveling overseas for work presents a great opportunity to save up some cash, probably enough to travel again in the future.

The first step as with any frugal spending approach is to sit down with pen and paper and examine your budget; what is essential and what is trivial. What can you live without and what is crucial. Keep these four money tips in mind when next you're traveling for work.

- Consider going for cheaper accommodation. An economical option might be opting for short-term Airbnb units instead of expensive hotels. There are also services, like Homestay, which allows you to stay with a host in your destination for a reduced price. Often, you get to mix with the locals and actually experience what living in that city or country feels like. However, ensure to find out if this wouldn't be in violation of company policy.

- Check out cheaper airlines. You can snag a deal on flights and other essentials with a service like Lowfares that allow you to compare rates on airfares, hotels, and car rentals. Another tip is to travel during off-peak periods.

Generally, weekdays, especially midweek, are a great time to secure cheap rates. FareCompare CEO, Rick Seaney, in an article on USAToday https://eu.usatoday.com/story/travel/columnist/seaney/2018/01/02/best-and-worst-days-fly-2018/995658001/ , puts Jan 9 - March 16 as the cheapest times to fly through Europe. Since prices drop as much as 40% over holiday fares.

- Cut back on restaurants and drinks. Money spent on food per day can easily add up, especially when you're not the one spending. However, it only takes a little discipline to be thrifty and get some cash saved. One tip is to plan out what you'd eat every day and how much you want to spend. Don't get too cut up in the local cuisine, while ignoring your pocket. An advantage of a service like Homestay is that it allows you to spend little on food.

- Teach a language or offer a service. You can try a service like Diverbo, which will cover some of your vacationing costs and in exchange, you help locals with their English. AdventureWork shows listings of jobs in the adventure space. Folks literally pay you to teach skiing and snowboarding etc. You can also babysit or teach a language. https://www.forbes.com/sites/laurabegleybloom/2016/07/27/23-companies-that-will-help-you-travel-the-world-for-free-and-maybe-even-pay-you-to-do-it/#4e5d1881e0fd . So, if you have some free time on your hands, you can consider offering a service or volunteering.

There are also discount services or loyalty rewards on hotels and fares. You can take advantage of these if you frequent the same location multiple times a year.

Traveling overseas for work presents an opportunity to work, have fun and maybe get enough money saved up to finance your next travel.

If you're in the market to buy or sell a home in 2023, you may be wondering what the forecast is for the housing market. With predictions of a housing market correction on the horizon, it's important to stay informed on the latest trends and predictions.

In this article, we'll dive into the 2023 housing market correction: forecast for the rest of the year. From what's causing the correction to how it will impact buyers and sellers, we've got you covered.

Introduction

The housing market has been booming for the past few years, with low interest rates and a high demand for homes driving up prices. However, experts are predicting that the market will experience a correction in 2023, which could have significant impacts on the real estate industry.

2023 Housing Market Correction: Forecast for the Rest of the Year

The housing market correction in 2023 is expected to be driven by a combination of factors, including rising interest rates and an oversupply of housing inventory. As interest rates rise, it will become more expensive for buyers to take out mortgages, which could lead to a decrease in demand for homes.

Additionally, there has been a surplus of housing inventory in certain markets, which could lead to a decrease in home values as sellers compete to sell their properties. This oversupply of inventory could be attributed to a combination of factors, including a decrease in immigration and an increase in new home construction.

Overall, the 2023 housing market correction is expected to lead to a decrease in home values and a decrease in demand for homes, which could impact both buyers and sellers.

How the Housing Market Correction Will Impact Buyers and Sellers

For buyers, the 2023 housing market correction could mean lower home prices and less competition. As home values decrease, it may become more affordable for buyers to purchase a home, and there may be fewer bidding wars and multiple offers.

However, buyers may also face higher interest rates, which could make it more expensive to take out a mortgage. This could impact the overall affordability of buying a home, and buyers may need to adjust their budgets accordingly.

For sellers, the 2023 housing market correction could mean lower home values and an oversupply of inventory. This could make it more difficult to sell a home, as sellers may need to compete with other properties on the market. However, sellers may also benefit from lower interest rates, which could make it more attractive for buyers to take out a mortgage.

Overall, the 2023 housing market correction is expected to impact both buyers and sellers, and it's important for both parties to stay informed on the latest trends and predictions.

Top 10 Housing Market Trends for 2023

While the 2023 housing market correction is expected to have a significant impact on the industry, there are other trends and predictions to keep an eye on. Here are the top 10 housing market trends for 2023:

1. Interest rates will continue to rise, impacting affordability for buyers.
2. The oversupply of housing inventory will continue in certain markets.
3. Home values will decrease, making it more affordable for buyers.
4. The demand for single-family homes will continue to increase.
5. The rental market will remain strong, with high demand and low vacancy rates.
6. Technology will play a larger role in the real estate industry, with more online tools and virtual tours.
7. Sustainable and energy-efficient homes will become more popular among buyers.
8. Cities with lower cost of living and job opportunities will see an increase in population growth.
9. Luxury home sales will remain strong, with high demand from wealthy buyers.
10. The real estate industry will continue to face challenges with affordability and accessibility.

ALSO READ: Home values will decrease, making it more affordable for buyers.

Information is power, especially when it comes to real estate investing on foreign soil. You have to know the area, the schools around, transport, new developments planned and real estate laws that apply. Staying ahead therefore means you have to do considerable research. However you look at it, you’ll find that having a local realtor is still the best way to get important information you need. Here are five things a local real estate agent will help you with if you wish to buy a home abroad.

1.     Local pricing.

The important thing with buying or selling real estate is price. How do you assess the ‘fair’ value of a property in another location? You have to rely on data from comparable properties. The price of a similar property in the next town may be lower than the price in your current city, for example. Real estate agents have access to such data, given their access to the MLS and can help you determine if what you’re paying for a property is ‘fair’.

2.     Get pre-approved for mortgage.

Sellers give more preference to pre-approved buyers and you might be able to lock in a favorable rate with your bank. You need an agent’s help when getting pre-approved for mortgage. They have gone through the process many times before and can be of invaluable help.

3.     Help find catalysts.

One sign that an area is coming up and that will be desirable in the future is the development of new infrastructures. When you see new roads and built schools, it is a sign that the community is ready for growth. Investing in a growing community can be very profitable.(check how to spot a developing market). In addition, certain types of development, such as new shopping malls, can be extremely attractive to home buyers, and can also help keep the tax base low. Real estate agents have a general idea of ??what new projects are about to take off.

4.     Explore low-tax alternatives

If there are two cities side by side - one with high property taxes (or the progressive increase in property taxes) and the other with low property taxes - the one with the lowest taxes will usually be more in demand.

Real estate agents can help you determine which areas have the best and worst tax structures. Also look to see if a revaluation is set to take place in the near future as it may mean that property taxes are about to rise.

5.     Check school rankings.

Almost all states rank their schools for how well students in each district benefit from math and English tests. Sharp investors should look for schools that are moving up or are at the top of the list. These areas are often desirable for parents. Access to quality education is a great selling point for new home buyers. Agents have access to this information.

The bottom line: Doing your homework, getting free information and putting in the leg work alone might not do the job. A local real estate agent is an invaluable resource when looking to buy property abroad.