Money savings can be a touchy subject. When it comes to home buying it is something that needs to be discussed. When purchasing a home people think “my home will be beautiful and dreamy”. Let’s snap back to reality for a moment. It can be IF you are ready for that commitment. According to realtor.com if you need a down payment you need to do these 3 things first:
- Call your Real Estate Agent! They will help guide you on the path to home buying. We work closing with professional mortgage lenders who will help you better understand what you qualify for and how much you need to save.
- Spend Less Than you Bring In! When planning to purchase a home you do not want your monthly mortgage to cost more than you bring in each month. Set a savings goal. Create a budget and stick to it, add to your stash automatically each month. If you save the money early it creates less stress throughout the home purchasing process and keeps you from having to come up with a lump sum on the spot.
- Set Aside any Extra Money! Set aside your tax refund, or your yearly bonus from work. Setting aside extra cash that you have not planned for is a great way to quickly add to your savings. Once you have purchased your home do not stop setting money aside! If you keep a savings account going this will help with home emergency costs, renovation costs, or if you plan to purchase a second home you will be one step ahead.
Save! Save! Save! If you are financially prepared to purchase a home you will feel a weight off of your shoulders. Listen to your agent for guidance as well as your mortgage lender. We are all here to lend a helping hand in the purchase process. Contact any of our agents today with questions or concerns, whether you are buying or selling, we will be more than willing to help.