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8 Fast and Easy Ways to Save for a House


March 19, 2022

Buying a house is a monumental accomplishment. It can also present many challenges, not the least of which is SAVING for the big moment. Here are eight fast and easy tips that will help you save and get prepared.

1. Search for local aid programs.

Did you know that you may not have to come up with the whole down payment amount all by yourself? There may be programs and incentives (many of which can be government programs) available to provided needed assistance, especially if you're a first time home buyer or if you are looking to buy in certain locations. Additionally, there may be incentive programs available to you if you are part of particular professions (like military, healthcare, teaching, first-responders etc.) There may be help out there that you qualify for; you just have to know about them and apply for them. Contact us and let us help you with that process.

 

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2. Keep a separate housing fund.

For those of you are are disciplined, ideally, saving by keeping a house fund in a separate interest-bearing savings account is strongly recommended. Keeping the money out of sight and out of mind from your checking account will make you feel less inclined to spend it until you really need it.

3. Ask friends and family for a contribution.

No one person is an island. Don't hesitate to tap your support system. Getting married? As a wedding gift, ask your loved ones to contribute to your 'new home' fund. If you share your dream of homeownership with your friends and family, they may be open to contributing to your dream during holidays or even your birthday. Share the dream and ask.

4. Find ways to save or to create income.

You may be spending money you could put towards a home without realizing it. Look for opportunities to save. Prepare more meals at home rather than eat out. With the sky-high cost of renting in today's marlet, consider moving back home or with roommates. Or if you have space like an extra room, rent it outor sub-lease if you are able to. Find ways to save!

5. Create a strict monthly budget.

Planning your spending in advance and sticking to it will not only help you grow more disciplined, but also help you narrow down where you need to cut costs. After creating a budget, you can recognize where your spending may be unusually high and make changes accordingly. For example, if you recognize you frequently spend too much on groceries, you can take up couponing or visit a different grocery store to help you stay within budget.

6. Pick up a side gig.

It could be tempting to just throw on some TV and lounge around after work, but if you're eager to quickly purchase a home there's no better way than to make some more cash. Join the gig economy, try driving for your company of choice, or start walking dogs, or work from home doing remote computer-based work. Anything that you can do easily for a little extra money will go a long way.

7. Host a yard sale.

Out with the old, in with the new. Getting rid of old things you just don't need anymore means you can add more to your housing fund. And it doesn't have to be a traditional yard sale, it can be done online in the comfort of your home, which makes it easy and convenient.

8. Keep your options open.

Let'say that your dream house (the one that checks all the boxes) is a large house, of a specific style, fully ready to move in. Keep an open mind, and keep your options open. What if you found a smaller house that may require a few upgrades after you move in, but checks most of your checkboxes. It may well worth be considering. In this competitive market, it may allow you to negotiate a better price (and save on the price of the house). The key is to try to be flexible - while buying a house can be a emotional experience, take time to think through some of the practical aspects and avoid making impulsive decisions.


Your mortgage is personal, and we understand that. At Preferred Rate, we believe that your mortgage experience does not have to be complicated. Whether buying or refinancing, contact us today and let us help you through the process of buying your dream home.

 

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