If you’ve decided that it’s time to start thinking seriously about buying a home, congratulations! Owning property is a great achievement that can enrich your life.
But if you’re just beginning to save up for a down payment, it might seem daunting if you don’t have a plan.
So here are a few tips and tricks to save smarter:
- Have a goal in mind. It’s a whole lot easier to save when you aren’t trying to save infinity dollars. Start by determining how much home you can afford.
- Figure out how much you can save a month and make it automatic. The less you have to think about it, the less you’ll miss that money.
- Put that money into an account that you can’t easily withdraw from.
- Look into investing your money in some kind of vehicle that has a larger return on investment than a regular savings account. But keep in mind that any investment has some element of risk.
- Remember that not all loans require 20% down. There are plenty of loans out there that need a smaller down payment.
If you’d like to learn more about the types of loans out there or about the home purchase process in general, give me a call or shoot me an email.
Source: CNN Money