First Time Home Buyer:
Ways to Save For the Down Payment
You want to buy a home, but how will you afford the down payment? This question often comes up with first time home buyers, and often times people are just not sure how or where to start to save when it comes to one of the largest purchases you will make in your life. Have no fear, I am here with some great and unique ways to help you save a few pennies and get that down payment ready, so when you find your dream home, you are ready to move forward with the purchasing process!
Lets start with your own personal accounts. How much is in your savings? How much of that are you willing to use to put down on the house? Remember it is always encouraged to save some in the bank, for those rainy days as your emergency fund.
Can you pick up some extra hours at work? Side jobs like babysitting, contract work or a part time job? This extra income can really help boost your stockpile of funds to get you on your way to buying your home.
Try to cancel a few monthly expenses, like eating out as much, or dropping to fewer channels on your TV. These small changes can add up big over time.
Have a birthday coming up? Wedding? Letting your friends and family know you want to buy a home will help encourage them to give you some cash instead of a gift.
Cash Out Investments
Check to see if you have any stocks, bonds or CD's that you can cash out. Did your parents buy some for you when you were younger? Chat with them to see if their are some hidden accounts for you that you can use.
Check with me to see what you qualify for, how much you would need to put down, and what special programs are available to help you save money! You can start the process by clicking here.
Here is a great chart for you to use- simply print it out, and go through each section to see what you can scrape together- you will be shocked with how much you have ready to spend on your first home!