Homeownership Journey of Carmelo Camilleri Highlights Importance of Savings and Negotiation
Carmelo Camilleri shares his journey to homeownership at 27, highlighting how savings, negotiation skills, and patience helped him secure a good deal in a competitive market.
Thanks to smart negotiation and patience, Carmelo Camilleri bought his home for $25,000 below the asking price. His journey into significant earnings began at age 19 when he made around $7,000 as a sales rep selling Cutco knives during the summer. His father advised him not to spend his earnings and instead taught him about savings and investments.
Camilleri adopted a disciplined savings philosophy: "If I make a dollar, I can only spend 10 cents of it at most." This foundation led him to become a homeowner at 27 when he purchased a five-bedroom house in Brick, New Jersey in 2021, financing it with a 20% down payment from savings earned during his early 20s.
He maintained his frugal habits, never paying rent while living with his parents and avoiding subscriptions, which he regarded as a scam. He used apps to find the cheapest gas and groceries, and he always negotiated prices.
In 2020, as he considered homebuying, low interest rates and a hot market posed challenges. While many houses sold for significantly over asking price, Camilleri’s patience allowed him to find the right home without entering a bidding war. He ended up negotiating to pay $670,000 for a 2,300-square-foot property with a 2.875% interest rate. He recognized the financial advantages of owning versus renting.
